Switzerland Economic Outlook
March 3, 2020The economy likely expanded at a solid pace in the fourth quarter, although firm data is still outstanding. PMI figures suggest the downturn in the manufacturing sector eased, while the services sector should have grown at a mild rate. However, the unemployment rate averaged higher compared to Q3, which could have dampened household spending. Turning to 2020, early signs are mixed, and hint at another quarter of mild growth. On the one hand, the services PMI improved markedly in January and the KOF economic barometer rose higher in February on improving sentiment in the manufacturing sector. On the other hand, the manufacturing PMI dipped and retail sales declined in January. Weaker foreign demand prospects can likely be linked to the coronavirus outbreak, which has spurred safe-haven demand for the franc, thus hurting export competitiveness.
Switzerland Economic GrowthThe economy should gain some momentum in 2020, underpinned by solid domestic demand and despite soft global growth and the coronavirus weighing on the external sector. A possible resurgence of trade tensions, the uncertain evolution of the coronavirus, strained Swiss-EU relations and potential further currency appreciation cloud the outlook. FocusEconomics panelists project GDP to grow 1.2% in 2020, which is unchanged from last month’s forecast, and 1.3% in 2021.
Switzerland Economy Data
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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
March 31, 2020
The KOF economic barometer—a leading composite indicator for the Swiss economy—sank to 92.9 in March from a revised 101.8 points in February (previously reported: 100.9 points).
March 19, 2020
At its meeting on 19 March, the Swiss National Bank (SNB) left the SNB policy rate and the interest rate on sight deposits at minus 0.75%.
March 4, 2020
Consumer prices rose 0.1% over the prior month in February, contrasting January’s 0.2% decline.
March 3, 2020
The economy grew 0.3% on a seasonally-adjusted quarter-on-quarter basis in the fourth quarter of last year, a notch down from the 0.4% expansion in the third quarter, but surpassing market expectations of 0.2% growth.
Switzerland: Downturn in manufacturing sector softens in February; activity in service sector moderates notably
March 2, 2020
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch reached 49.5 in February, up from 47.8 in January and marking the best result in nearly a year.