Category Archive: 2) Swiss and European Macro

Main Author George Dorgan
George Dorgan
George Dorgan (penname) predicted the end of the EUR/CHF peg at the CFA Society and at many occasions on SeekingAlpha.com and on this blog. Several Swiss and international financial advisors support the site. These firms aim to deliver independent advice from the often misleading mainstream of banks and asset managers. George is FinTech entrepreneur, financial author and alternative economist. He speak seven languages fluently.

Construction prices rose by 4.9% in April 2022

The construction output price index recorded a rise of 4.9% between October 2021 and April 2022, reaching 109.2 points (October 2020 = 100). This result reflects an increase in building and civil engineering prices. Year on year, construction prices increased by 7.7%.

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Swiss Trade Balance May 2022: surge in imports towards a level record

In May 2022, Swiss foreign trade strengthened in both directions of traffic: seasonally adjusted exports increased by 1.2% while imports jumped by 10.3%. The latter thus confirmed their upward trend despite strong fluctuations. Due to the different pace of growth at the outflow and the inflow, the trade balance surplus stood at CHF 2.0 billion.

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Swiss Producer and Import Price Index in May 2022: +6.9 percent YoY, +0.9 percent MoM

The Producer and Import Price Index rose in May 2022 by 0.9% compared with the previous month, reaching 109.4 points (December 2020 = 100). In particular, petroleum products, petroleum and natural gas as well as chemical products saw higher prices. Compared with May 2021, the price level of the whole range of domestic and imported products rose by 6.9%.

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Increase in the number of hours worked in Switzerland in 2021

The total number of hours worked in Switzerland reached 7.798 billion in 2021, representing an increase of 2.5% compared with the previous year. The pre-pandemic level has not yet been regained, however. According to the latest results from the Federal Statistical Office (FSO) and the Statistical Office of the European Union (Eurostat), the volume of work among 20-64 year olds in Switzerland increased slightly more than in the EU.

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54.0 percent increase in overnight stays in the Swiss hotel sector during the 2021/2022 winter season

The Swiss hotel sector registered 14.6 million overnight stays during the winter tourist season (November 2021 to April 2022). Compared with the same period last year, overnight stays increased by 54.0% (+5.1 million overnight stays). With a total of 5.6 million overnight stays, foreign demand increased by 196.7% (+ 3.7 million). Domestic visitors registered an 18.9% increase (+1.4 million) with 9.0 million units.

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Switzerland Unemployment in 1st quarter 2022: number of employed persons rises by 1.7 percent, unemployment rate based on ILO definition falls to 4.6%

In the first quarter of 2022, the number of employed persons in Switzerland increased by 1.7% compared with the same quarter of 2021 and the number of actual hours worked per week, per employed person, rose by 2.8%. During the same period, the unemployment rate as defined by the International Labour Organisation (ILO) fell from 5.8% to 4.6% in Switzerland and from 7.8% to 6.5% in the EU.

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Swiss Consumer Price Index in May 2022: +2.9 percent YoY, +0.7 percent MoM

The consumer price index (CPI) increased by 0.7% in May 2022 compared with the previous month, reaching 104.0 points (December 2020 = 100). Inflation was +2.9% compared with the same month of the previous year. These are the results of the Federal Statistical Office (FSO).

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Swiss Retail Sales, April 2022: -5.1 percent Nominal and -6.0 percent Real

Turnover adjusted for sales days and holidays fell in the retail sector by 5.1% in nominal terms in April 2022 compared with the previous year. Seasonally adjusted, nominal turnover fell by 1.2% compared with the previous month.

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Almost half of the population took part in continuing education in 2021

In 2021, 45% of the population took part in continuing education. This share is relatively high, but compared with the last survey in 2016, it corresponds to a decrease of around 17 percentage points. This is largely explained by the COVID-19 pandemic. As in 2016, people attended one or more continuing education courses primarily for professional reasons.

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Switzerland grew more cereals in 2021

In 2021, the area under cereals (146 400 ha) increased by 3% compared with 2020, while that under potatoes (-2%) and sugar beet (-8%) decreased. The number of farms (48 864) fell further, while organic farming continued to grow.

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Residential property prices fell by 0.4% in 1st quarter 2022

The Swiss residential property price index (IMPI) fell in the 1st quarter 2022 compared with the previous quarter by 0.4% and reached 110.3 points (4th quarter 2019 = 100). Compared with the same quarter of the previous year, inflation was 7.0%. These are some of the results from the Federal Statistical Office (FSO).

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Swiss Producer and Import Price Index in April 2022: +6.7 percent YoY, +1.3 percent MoM

The Producer and Import Price Index increased in April 2022 by 1.3% compared with the previous month, reaching 108.4 points (December 2020 = 100). Higher prices were seen in particular for petroleum products as well as for basic metals and semi-finished metal products.

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Weekly View – Unsettled

Last week’s 50 bps Fed rate hike was not a surprise. Indeed, Fed chairman Jerome Powell’s assertion that a 75 bps hike had not been actively considered was enough to spark a stock rally. But it proved short-lived, with markets quickly returning to their fears about inflation.

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Swiss Retail Sales, March 2022: -5.9 percent Nominal and -6.6 percent Real

Turnover adjusted for sales days and holidays fell in the retail sector by 5.9% in nominal terms in March 2022 compared with the previous year. This decline can mainly be explained by the high figure of March 2021, when the COVID-19 protection measures were lifted before the end of the month and turnover rebounded. Seasonally adjusted, nominal turnover rose by 0.9% compared with the previous month.

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Swiss Trade Balance Q1 2022: foreign trade chain record upon record

Swiss foreign trade also grew in the 1st quarter of 2022, climbing to a record level. Imports strengthened further (+6.7%) while exports lost ground somewhat (+1.2%). Both at entry and exit, prices stood at very high levels. Due to different trends in the two directions of traffic, the trade balance surplus fell sharply (–2.8 billion francs).

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Swiss Producer and Import Price Index in March 2022: +6.1 percent YoY, +0.8 percent MoM

Switzerland Producer Price Index (PPI) YoY, March 2022
14.04.2022 - The Producer and Import Price Index increased in March 2022 by 0.8% compared with the previous month, reaching 107.0 points (December 2020 = 100). Higher prices were seen for petroleum products in particular. Basic metals and semi-finished metal products also became more expensive. Compared with March 2021, the price level of the whole range of domestic and imported products rose by 6.1%.

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75 percent of Swiss citizens living abroad have more than one nationality

07.04.2022 - At the end of 2021, more than one in ten Swiss citizens lived abroad. This was a 1.5% increase compared with 2020. Most of these citizens lived in Europe. Regardless of the continent in which they lived, the majority were aged between 18 and 64. Reflecting Switzerland's multicultural nature, many of them also had more than one nationality, according to the results of the statistics on the Swiss abroad from the Federal Statistical...

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Swiss Consumer Price Index in March 2022: +2.4 percent YoY, +0.6 percent MoM

The consumer price index (CPI) increased by 0.6% in March 2022 compared with the previous month, reaching 103.0 points (December 2020 = 100). Inflation was +2.4% compared with the same month of the previous year.

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Swiss Retail Sales, February 2022: 13.3 percent Nominal and 12.8 percent Real

31.3.2022 - Turnover adjusted for sales days and holidays rose in the retail sector by 13.3% in nominal terms in February 2022 compared with the previous year. This sharp increase can partly be explained by the low figure for February 2021, when COVID-19 protective measures were reintroduced. Seasonally adjusted, nominal turnover rose by 0.4% compared with the previous month.

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In 2020, the median wage was CHF 6665

28.03.2022 - For the entire Swiss economy (private and public sectors together), the gross monthly median wage for a full-time job was CHF 6665 in 2020. The gap between the highest and lowest earners in the wage pyramid remained stable overall between 2008 and 2020. The Swiss wage landscape continues to be characterised by major differences between the economic sectors and regions.

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