Switzerland’s unemployment rate rose from 4.2% to 4.6% in the second quarter of 2020, according to a recent survey that measures unemployment more broadly than Switzerland’s official unemployment measure. The method used for these calculations is the one defined by the International Labour Organisation (ILO), which includes all available job seekers – ILO definition of unemployment. […]
Swiss incomes could end up more than 1,700 francs lower due to Covid-19
Covid-19 is forecast to hit personal incomes by a total of around CHF 15 billion both this year and in 2021, according to the Basel-based research institute BAK Economics, reported Le Matin. Spread across Switzerland’s 8.6 million residents this comes out at around CHF 1,740 per person and CHF 2,830 per worker. BAK Economics expects […]
Swiss unemployment falls in June 2020
The number unemployed in Switzerland at 30 June 2020, fell 5,709 in June to 159,289, according to the State Secretariat for the Economy (SECO). Switzerland’s unemployment rate fell from 3.4% to 3.2%. However, despite improving on May 2020, the number unemployed was 53,067 (+54.6%) higher than at the end of June 2019. Switzerland’s official unemployment […]
Immigration slowdown hits Swiss rents
In 1999, Switzerland signed a deal with the EU allowing free movement of people between Switzerland and the bloc. The deal came into force in 2002. This led to a rise in immigration into Switzerland, which in turn eventually led to rising rents. However, since 2014 there has been a marked slowdown in EU immigration […]
Swiss government forecasts 2021 deficit but no tax hikes
The coronavirus is set to knock a CHF 1 billion hole in Switzerland’s federal budget for 2021, according to a press release. Without the virus the budget was CHF 2.2 billion in the black. Post virus the budget is now CHF 1 billion in the red. The virus is expected to add CHF 2.0 billion […]
Swiss salaries rise faster than inflation for the first time in 2 years
In 2019, Swiss salaries were on average of 0.9% higher than the year before. A nominal rise of +0.9% combined with low inflation of 0.4% delivered a real boost of 0.5% to someone earning an average salary in Switzerland. This is the first time in two years that the average Swiss salary has grown faster […]
Swiss retail sales up 30% in May after COVID-19 measures eased
Recently published figures show a overall jump of 30.2% in retail sales in May 2020 compared to April 2020. May’s rise of 30.2% follows falls of 6.5% in March and 13.7% in April. However not all retail sectors experienced the same rise in May sales. Food, drink and tobacco sales rose 3.4% and fuel sales […]
Swiss National Bank forecasts deflation until 2022
On 18 June 2020, the Swiss National Bank (SNB) said it would maintain its negative rate of interest (-0.75%) and remains willing to intervene more strongly in the foreign exchange market. The coronavirus pandemic has led to a severe downturn in economic activity and a decline in inflation both in Switzerland and abroad. The bank […]
Coronavirus: national lockdown not part of Switzerland’s second wave response plan
Switzerland’s federal government is against imposing nationwide restrictions to slow the spread of a second wave on infections, according to the NZZ am Sonntag newspaper. The federal government plan, which is under development, is more regional than the response to the first wave of infections and focuses decision making power at the cantonal level, reported […]
Swiss parliament votes in favour of flight tax
A majority of Switzerland’s parliament voted in favour of introducing a tax on flights departing from Switzerland. 132 voted in favour of the tax, with 65 against. The tax would range from CHF 30 to CHF 120 depending on the distance and class of travel, according to 20 Minutes. Private flights would be taxed too. […]
