According to provisional results from the Federal Statistical Office (FSO), industrial production rose by 3% in the first quarter 2013 compared with the same quarter of the previous year. Turnover rose by 3.7%. Orders received increased by 0.6% while orders on hand fell by 5.2%. (source Swiss Statistics)
This data confirmed the strong Swiss Manufacturing PMI of 51.9 compared to the weak German one of 48.6. As opposed to Germany, the Swiss have a higher export exposure to the US (especially chemicals and pharmaceuticals) and a somewhat lower to the weakening China. For comparison, German industrial production was down 2.2% in the two months February/March 2013 against the previous year. Sweden that severely depends on exports to the EU, sees declining industrial production for nearly one year, in May production was down 7.3% y/y.
The SECO delivered also unemployment data. Swiss unemployment is at 2.9% or at 3.0% seasonally adjusted.
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Tags: Germany Industrial Production,industrial production,PMI,Switzerland