Switzerland Economic Outlook
May 31, 2022
In Q1, the economy likely recorded a mild expansion that was broadly in line with the European average. The lifting of virtually all Covid-19 restrictions from mid-February should have aided domestic demand, offsetting a more adverse external panorama following the outbreak of the war in Ukraine. Looking at available indicators, the manufacturing PMI averaged slightly lower in Q1 than in Q4 and the KOF Barometer declined through March. In contrast, the services PMI averaged higher in Q1 as the impact of the pandemic faded. Turning to Q2, in April both the manufacturing and services PMIs fell to their lowest levels since early 2021. However, they continued to point to robust growth in the economy. Moreover, while inflation has picked up it remains the lowest in Western Europe, which should be supporting consumer spending.Switzerland Economic Growth
GDP growth will slacken this year due to slower export growth and mild government consumption as pandemic-related spending demands ease. However, momentum should still be supported by a healthy labor market and the reduced impact of the pandemic. The Ukraine war and the gradual weakening of trade links with the EU in the absence of a revamped trade deal cloud the outlook. FocusEconomics Consensus Forecast panelists project the economy to expand 2.6% in 2022, which is unchanged from the previous month’s forecast, and 1.8% in 2023.Switzerland Economy Data
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Switzerland Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | -0.51 | 6.27 % | Jan 01 |
| Exchange Rate | 0.97 | -0.54 % | Jan 01 |
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Switzerland Economic News
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Switzerland: Decline in retail sales softens in November
January 6, 2023
Retail sales declined 1.3% year on year in calendar-adjusted terms in November, which was a smaller contraction than October's 2.6% decrease.
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Switzerland: Inflation falls to lowest level since April in December
January 4, 2023
Inflation came in at 2.8% in December, down from November’s 3.0%.
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Switzerland: Manufacturing PMI improves in December; Services PMI declines
January 2, 2023
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) rose to 54.1 in December from November's 53.9.
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Switzerland: KOF Economic Barometer picks up in December
December 30, 2022
The KOF Economic Barometer came in at 92.2 in December, up from November's 89.2 and marking an end to five straight months of falling readings.
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Switzerland: SNB raises rates by 50 basis points in December
December 15, 2022
At its meeting on 15 December, the Swiss National Bank (SNB) raised its policy rate from 0.50% to 1.00%, matching the increase in the European Central Bank’s policy rates that was announced on the same day. As the SNB stated in its press release, the hike was aimed at “countering increased inflationary pressure and a further spread of inflation”.
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