Consumers see inflation as stronger and expect it to increase in next 12 months
BERN, SWITZERLAND – Swiss consumer confidence is rising, with the quarterly index of Seco, the State Secretariat for Economic Affairs showing a marked increase in two key areas. The survey carried out at the end of April shows that “consumer expectations regarding the development of the overall economic situation reached -2 points in April (compared with -29 in January). There was also an improvement in the expectations concerning unemployment (+49 in April com-pared with +71 in January),” according to a statement from Seco.
The two areas that remain virtually unchanged, however, are assessments of the future development of consumers’ personal financial situations (+0 in April compared with +1 point in January) and “the assessment of their future savings opportunities (+20 compared with +22 points in January)”.
A number of changes are taking place in the way the survey is carried out, starting with a change in the research institute doing the research, but it will also cover an additional two to three weeks and will include 1,200 rather than 1,100 households. A key change is that Italian speakers from Ticino are now being inclluded; in the past the surveys were run only in French- and German-speaking Switzerland.
GENEVA, SWITZERLAND – Swiss unemployment continued its downward slide in April, down to 3.1 percent from 3.2 percent in March and the 3.4 percent seen in January, the Secretariat for the Economy, Seco, reported Monday 7 May.
Geneva’s unemployment rate, the highest amongst all Swiss cantons, was at 5.2 percent in April, slightly down from 5.3 percent of the working force in March. The highest rates of unemployment continue to be in French-speaking cantons, most notably in western and southern Switzerland.
More people were out of work in the banking sector, where unemployment increased 1.4 percent from March, 7.9 percent since April 2012.
For the same month, Swiss consumer prices saw an increase of 0.1 percent, mainly due to higher prices for petrol, air transport and summer clothes. Over the past 12 months, consumer prices for domestic products remained unchanged, whilst imported goods cost consumers 3.6 percent less.
BERN, SWITZERLAND – Swiss consumer confidence, assessed every three months in a Seco (economics ministry) survey, rose slightly in January, in two of four key areas. Households were slightly more optimistic about general economic development over the next 12 months. Their assessment of their’ personal financial situations inched up.
Seco notes that “by contrast, unemployment expectations stagnated and the appreciations of future savings opportunities only slightly improved.”
Zurich's new Prime Tower, just opened: fully occupied, despite gloomy economic news - a sign of faith in the turnaround?
BERN, SWITZERLAND – The Swiss Secretariat for the Economy, Seco, has revised downward its GDP growth projections for 2012, from 0.9 percent forecast in September to 0.5 percent, following a trend set by major banks’ and others’ research departments. A major impact will be a significant rise in unemployment, Seco notes.
The jobless rate is expected to peak at 3.9 percent at the end of 2012, then slip back down, with annual rates of 3.1 percent in 2011 (currently 3 percent), 3.6 percent in 2012 and 3.7 percent in 2013.
Bern has qualified the economy’s situation as experiencing “a clear slowdown”, but notes that nothing indicates “a bottoming-out similar to what was seen at the end of 2008″, with the global impact of the Lehman Brothers crash, nor is a rapid degradation expected. The accumulated negative impact of the strong Swiss franc, now at CHF1.23 to the euro, is putting the brakes on investment and exports.
The good news is that the slowdown is expected to be temporary, assuming the eurozone debt crisis does not worsen, and in 2013 Swiss GDP growth is forecast to rise again, to 1.9 percent.
Sovereign debt crises in a number of countries, notably in the eurozone, and flagging consumer confidence as well as corporate investment confidence are key factors behind the expected slowdown. Seco’s Group of Experts who are consulted for the official government quarterly forecasts agree that an “uncontrollable contamination” from the eurozone can be avoided, with financial markets recovering bit by bit throughout 2012.
Seco points to the slight improved situation outside the eurozone, with the US’s “vacillating” situation stabilizing somewhat in the second half of 2011, Japan gradually improving and emerging economies recovering from the initial impact of the rest of the world’s economic woes.
Bern, Switzerland (GenevaLunch) – In 2025, one in two persons will not have access to clean water. Today a billion people have no access to drinking water and 2.6bn people lack basic sanitation, according to the Swiss Agency for Cooperation and Development (SDC).
Switzerland’s recognized expertise in water stewardship puts it in a prime position to share its experiences in the management of a resource that is taking on increasing importance world-wide.
The SDC is hosting a public forum in Bern 15 September to draw attention to the importance of water to economic development. The SDC says that its joint projects with the State Secretariat for Economic Affairs (Seco) have brought clean water and basic sanitation to 2mn people, between 2003-08.
Switzerland is the source of four major European river systems: the Rhone, the Po, the Rhine and the Danube, yet “Switzerland is heavily dependent on the water resources of others: 80% of its `water footprint’, i.e. the amount of water we need to produce our goods and services, comes from other countries”, according to SDC.
The global “water challenge” also means finding political solutions to potential crises between countries. A simmering dispute is going on about an equitable division of the Nile’s waters among its main users, Sudan and Egypt, and its main suppliers, including Ethiopia, Uganda, Kenya, Tanzania and Rwanda.
Egypt and Sudan may veto any Nile dam projects up-river under a 1929 treaty, and the nine Nile river countries are currently negotiating a new agreement.
Links to other sites: Reuters Africa, SDC site
Not-so gloomy forecast after all
Bern, Switzerland (GenevaLunch) – The Swiss State Secretariat for Economic Affairs (Seco) is forecasting higher GDP (gross domestic product) growth and lower unemployment for 2010, even though the economy is still weak and might dip at some point during the year.
The new forecast sees GDP growth of 1.4 percent, double the forecast made in December 2009. Seco has also adjusted its unemployment forecast to 4.3 percent, down from instead of 4.9 percent.
Seco also counsels that other countries’ national and private debt could weigh unfavorably against the Swiss economy. “Countries with above-average growth could be facing appreciation of their currencies,” says the report. The report concludes that “another strong appreciation of the Swiss Franc towards the Euro could have a harmful effect on exports.”
Update 11:50 Bern, Switzerland (GenevaLunch) – The maximum number of days an unemployed person can receive state help could be reduced from 400 to 260 days for under-55s, while childless under-25s might see their entitlement reduced to 130 days of benefits, and job-seekers under 30 would be obliged to accept jobs for which they may be overqualified if measures voted by Switzerland’s lower house become law. These are some of the measures Switzerland’s lower house of parliament. The National Council voted for the measures Wednesday 9 December in an effort to slash the budget of the heavily indebted unemployment insurance agency by another CHF210 million after the upper house had already pared it by about CHF575m.
The measures need to be reconciled with the version previously voted by the Council of States before becoming law.
Bern, Switzerland (GenevaLunch) – Swiss unemployment rose 0.1 percent in October to reach 4 percent, the highest level since 2005, says the State Secretariat for Economic Affairs (Seco), 6 November. Compared to last October, the number of unemployed people has increased 57 percent and reached 158,138, Seco says.
The numbers of people working reduced hours jumped in October: 46,936 people are partially employed in 3,118 firms across the country. This is 14.1 and 14 percent more, respectively, than last month, Seco says.
Gleeful consumers, money goes further
Neuchatel and Bern, Switzerland (GenevaLunch) – Inflation in October was 0.6 percent above September’s rate, according to figures released Thursday, 5 November, by Swiss Statistics. The Swiss inflation index stands at 103.7 (100=2005). This is still 0.8 percent below the rate in October 2008.
The quarterly consumer confidence survey was more positive than the last one released in July, according to the State Secretariat for Economic Affairs (Seco). The survey queries 1,100 households around the country to obtain an idea of current feelings about the economy, from a consumer’s point of view. The survey includes questions about the household budget, about the capacity to save in the next 12 months, and feelings about unemployment.
Go shopping in Zug at night
Bern, Switzerland (GenevaLunch) – Switzerland’s highest appeals court, the Swiss Federal Administrative Court (FAC) has decided that gas station shops may not stay open all night long in Zurich and surroundings. They must close between 01:00 and 05:00, or violate the law against working at night. The shops’ owners argued that since the petrol station itself and the attendant restaurants are not affected by the night work law, they should be allowed to keep the stores open.
The jobless: more time for indoor gardening - not what they want
Bern, Switzerland (GenevaLunch) – Unemployment in Switzerland increased to 3.9 percent of the working population in September, according to figures released by the State Secretariat for Economic Affairs 7 October. Almost 58,500 more people were out of work at the end September than a year earlier.
Geneva’s unemployment rate remains the highest in the country, at seven percent. The French-speaking part of Switzerland is particularly affected, with every canton at or above the national average:
- Vaud 5.4 percent
- Neuchatel 6.4 percent
- Valais 3.8 percent
- Jura 5.7 percent.
Back support: Seco wants to reduce their use
Bern, Switzerland (GenevaLunch) – Switzerland’s State Secretariat for Economic Affairs (Seco) estimates that poor working conditions affecting people’s backs contribute up to CHF 4.3 billion in lost productivity and job absenteesim.
Swiss exports decline - Photo Stefan Sueess/SECO
Bern, Switzerland (GenevaLunch) - The Swiss economy is still in a recession. GDP (gross domestic product) declined 0.3% in comparison to Q1, and 2% compared to 2008, new figures from the Secretariat for Economic Affairs (Seco) show. The slide is less than many economists were expecting.
Following two quarters of unusually sharp falls, the downward trend in exports of goods fell by 2%. However, value-added in the construction sector increased 1.1%.
Swiss GDP has been shrinking for the past four quarters which confirms the recession. According to economists, a true economic recession can only be confirmed if GDP growth is negative for a period of two or more consecutive quarters.
Related: Le Temps, Fre
Bern, Switzerland (GenevaLunch) – The number of unemployed people in Switzerland at the end of July 2009 increased to 145,364. The new figures reveal that Swiss unemployment jumped 57.7 percent between July 2008 and July this year. Compared to end June 2009, 5,111 more people are unemployed, of whom 63 percent are young people between the ages of 15 and 24. The data was published by Seco, the Swiss State Secratariat for Economic Affairs 7 August.
Partial unemployment or reduced working hours, affects 59,914 people in 3,342 companies across Switzerland, according to figures from May, the latest available. This is a 22 percent increase in one month. A year ago, only 742 people were affected by partial unemployment.
© 2009 WHO
Geneva and Bern, Switzerland (GenevaLunch) – The Swiss Federal Office of Public Health (OFSP) recommends that people who come down with symptoms of the flu avoid contact with others to stop the spread of the disease. A humourous new advertising campaign (link below) says it quite clearly. This means staying away from work until the symptoms have gone away, or to care for sick members of the family. In a front-page article 4 August, Le Temps (Fre) asks whether this means that employers will not insist on having a medical cerificate for any absence longer than three days, as stipulated by law: to leave one’s bed to go and see a doctor defeats the purpose of the quarantine.
Bern, Switzerland (GenevaLunch) – The Swiss central bank (SNB) will maintain the monetary policy it introduced in March, it announced today 18 June. Its predictions for the Swiss economy continue to be guardedly pessimistic, because of the negative effects the world economy has on Switzerland. The one positive note has been the decline in the prices of commodities, such as oil, but this has contributed to deflation. Swiss prices will decline by 0.5 percent in 2009, says the Swiss state secretariat for economic affairs (SECO) in its report yesterday 17 June.
Lake of the Four Cantons, Lucerne, one of Switzerland's most popular destinations
Bern, Switzerland (GenevaLunch) – The Swiss hotel industry can expect its worst year since 1982, according to a report prepared by consultants BAKBasel, and released 19 May by the Swiss Secretariat for the Economy, Seco. Overnight stays for the 2009 summer season (May to October) are expected to drop 7.2 percent compared to last summer. And things won’t be back to normal until 2011, the report says.
Bern, Switzerland (GenevaLunch) – Switzerland’s first report on black market labour highlights a good deal of illegal activity, but it draws no clear conclusions about the extent of the problem. Labour inspectors in 2008 conducted more than 9,000 inspections that involved 35,000 workers. Nearly half of the inspections, 46 percent, involved suspicions of law-breaking by the employer’s canton, which the report says is not surprising: a large number of investigations were prompted by tips from the public or other public agencies. More than 1, 300 resulted in sanctions.
The report covers the first year in which cantons sent inspectors into every industry in Switzerland in compliance with a federal law to combat the shadow economy, which came into force in January 2008. The report is published by the State Secretariat for the Economy (SECO).
