Switzerland Economic Outlook
October 27, 2020The economy appeared to recover robustly in Q3 from Q2’s downturn as restrictions on activity at home were lifted. The KOF Economic Barometer hit a ten-year high in September amid positive signs from the manufacturing and hospitality sectors. Moreover, both the manufacturing and services PMIs rose throughout the quarter, and retail sales were solid in July and August. However, the recovery could be slowing heading into Q4. External demand is likely suffering from fresh lockdown measures abroad, and the federal government limited public gatherings in mid-October amid a surge in new Covid-19 cases. Moreover, although domestic restrictions remain laxer than in many European neighbors, stricter measures could be on the way, while the second wave of cases could dampen consumer confidence and domestic demand.
Switzerland Economic GrowthFollowing a likely sharp contraction in 2020, the economy is set to expand strongly next year as external demand recovers. However, the uncertain evolution of the virus and tense relations with the EU due to disagreements over the renegotiation of the trading relationship pose downside risks. FocusEconomics Consensus Forecast panelists expect the economy to expand 4.0% in 2021, which is down 0.3 percentage points from last month’s forecast. In 2022, the panel expects GDP to expand 2.6%.
Switzerland Economy Data
5 years of Switzerland economic forecasts for more than 30 economic indicators.
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|Bond Yield||-0.51||6.27 %||Jan 01|
|Exchange Rate||0.97||-0.54 %||Jan 01|
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Switzerland Economic News
November 5, 2020
Consumer confidence came in at minus 13 in October, down from July’s minus 12 reading but significantly above the minus 39 recorded in April at the height of the lockdown.
November 3, 2020
Consumer prices increased 0.01% over the previous month in October, swinging from September's 0.04% fall.
November 2, 2020
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch fell from 53.1 in September to 52.3 in October.
October 30, 2020
The KOF economic barometer—a leading composite indicator for the Swiss economy—fell from 110.1 in September to 106.6 in October, putting an end to four consecutive monthly improvements.
October 30, 2020
Retail sales grew 0.3% year-on-year in September (August: +4.0%).