Switzerland Economic Outlook
June 2, 2020The economic panorama appears increasingly bleak in the second quarter, following an expected contraction in activity in the first quarter amid slumping industrial output. In April, the manufacturing PMI fell to a near 11-year low, while the services PMI hit a new record low as business activity and demand evaporated in the face of the pandemic. As a consequence, the unemployment rate climbed in the same month as the labor market continued to display significant damage. Furthermore, exports nosedived in April on limited external demand, while the KOF barometer for May hit a fresh low amid crumbling economic sentiment. More positively, the country entered the second phase of the easing of lockdown measures in mid-May, with a further lifting of domestic restrictions set to come on 8 June. Moreover, international borders should open in mid-June, boding well for all-important tourism revenues.
Switzerland Economic GrowthThe economy is expected to shrink significantly this year: Falling income and rising unemployment will suppress consumer spending, while contracting investment will weigh further on overall activity. A large jump in government spending should soften the downturn, although a frail international trade outlook is a key risk going forward. FocusEconomics panelists project GDP to contract 6.1% in 2020, which is down 0.9 percentage points from last month’s forecast, and to grow 5.1% in 2021.
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
July 2, 2020
Consumer prices were virtually unchanged, increasing 0.02% from the previous month in June, which was below the 0.04% increase recorded in May.
July 1, 2020
The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch fell marginally to 41.9 in June from 42.1 in May.
June 30, 2020
Retail sales grew 6.6% in May in annual terms (April: -18.8% year-on-year).
June 30, 2020
The KOF economic barometer—a leading composite indicator for the Swiss economy—rose to 59.4 points in June from the record low of 46.6 recorded in May.
June 18, 2020
At its meeting on 18 June, the Swiss National Bank (SNB) left its policy rate and the interest rate on sight deposits at minus 0.75%, as widely expected by market analysts.