Switzerland Economic Forecast

Switzerland Economic Outlook

September 1, 2020

After an already-sharp decline in Q1, recent data shows that the economy shrank at a historic pace in Q2, depressed by plunging private consumption, investment and exports due to lockdown measures at home and abroad. More positively, economic dynamics improved towards the end of Q2 as restrictions were lifted, and this momentum looks to have carried over into Q3: In July, both the manufacturing and services PMIs rose amid stronger output, while the KOF barometer surged in both July and August on improved readings for most sectors. However, a recent spike in cases has led some cantons to reintroduce limited restrictions. This trend could dampen the rebound in activity if it continues.

Switzerland Economic Growth

This year, the economy is projected to contract sharply as constrained private consumption and tumbling fixed investment weigh on domestic demand. A strong uptick in public spending should temper the downturn, although prolonged tepid international demand and the domestic surge in coronavirus cases pose downside risks. FocusEconomics panelists project GDP to contract 6.0% in 2020, which is up 0.1 percentage points from last month’s forecast, and to grow 4.8% in 2021.

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Switzerland Facts

Value Change Date
Bond Yield-0.516.27 %Jan 01
Exchange Rate0.97-0.54 %Jan 01

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