18% of Swiss adults are convinced their financial situation will worsen in 2021, according to a survey. This percentage is markedly higher than at the end of 2019 when the same figure was 13%. The rise in pessimism is largely linked to job insecurity. 68% are concerned they will face full or partial unemployment, while […]
Christmas traffic down 84% at Geneva airport
Normally Geneva airport is overrun with passengers during the Christmas period. This year there were 84% fewer passengers than last year, according to RTS. Between 23 and 27 December 2020, there were around 47,000 passengers, down from the 300,000 that passed through the airport during the same period in 2019. The largest number of passengers […]
The US accuses Switzerland of currency manipulation
This week, the US Treasury reviewed and assessed the currency policies of 20 major U.S. trading partners during the four quarters ending June 2020. The report concluded that both Vietnam and Switzerland met all three criteria for currency manipulation under the Trade Facilitation and Trade Enforcement Act of 2015. The three tests include a significant […]
Large government budget deficit in 2021 for Switzerland
On 16 December 2020, Switzerland’s Council of States, the nation’s upper house, accepted a 2021 budget deeply in the red following its acceptance last week by the National Council. In 2021, Switzerland’s federal government plans to collect CHF 75.8 billion while spending CHF 81.9 billion, plunging the budget CHF 6.1 billion into the red. The […]
Easyjet makes first loss in its history
This week, Easyjet announced its first ever annual loss of nearly £1.3 billion, its only loss in 25 years of operating. As Covid-19 grounded the airline’s planes, revenue disappeared. Revenues for the year to 30 September 2020, were reduced to £3 billion, only 47% of the £6.4 billion earned the year before. Costs were cut […]
Swiss government promises one billion francs for Covid hit businesses
This week, Switzerland’s federal government decided to increase aid money to Covid hit businesses to CHF 1 billion. Before this announcement, Bern had already committed to providing CHF 400 million to struggling businesses. Funding for the first CHF 400 million is split 50-50 between cantonal and federal tax payers. The additional CHF 600 million will […]
Unemployment rises in third quarter of 2020 in Switzerland
Between the 3rd quarter 2019 and the 3rd quarter 2020, the number of people employed in Switzerland fell by 0.4% (–21 000). In addition, weekly hours worked per employee decreased by 2.7%. During the same period, the unemployment rate in Switzerland as defined by the International Labour Organisation (ILO) increased from 4.6% to 5.3%. At […]
Swiss economy to slide less than feared, according to new forecast
An updated forecast published this week by the Switzerland’s federal government is less negative than forecasters feared in the middle of the year. The new forecast expects Swiss GDP adjusted for sporting events to fall by 3.8% in 2020 and unemployment to average 3.2% across the year. The forecast in June 2020, predicted a 6.2% […]
Swiss National Bank intervenes heavily to weaken Swiss franc
Official data recently released by the Swiss National Bank (SNB) show it sold 51.5 billion Swiss francs while acquiring US dollar and euro-denominated assets in a bid to weaken the franc over the first quarter of 2020. The data followed comments by SNB President Thomas Jordan signalling that even larger interventions may be on the […]
Pandemic increases demand for second homes in Switzerland
Demand for second homes has risen since restrictions related to coronavirus were loosened, according to real estate company Wüest Partner. The option of remote working appears to be encouraging some to trade time in central city locations for more time in Alpine resorts, the countryside, commuter regions and smaller cities. The prices of second homes […]
