Switzerland Economic Forecast

Switzerland Economic Outlook

October 27, 2020

The 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 Growth

Following 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%.

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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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