Category Archive: Swiss 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.

Switzerland UBS Consumption Indicator February: Domestic tourism rising

The UBS consumption indicator rose to 1.50 points in February from 1.44, indicating solid private consumption in the first quarter. Domestic tourism bottomed out and then rose significantly in January. On the other hand, dour sentiment in the retail...

Results of the new pensions statistics 2015: Large differences between genders and age groups in pillar 2 and 3a old-age benefits

In 2015 approximately 33,000 persons obtained an old-age pension for the first time from the occupational pension fund (2nd pillar), while some 41,000 persons received a lump-sum withdrawal from their 2nd pillar retirement savings. Men received far...

Vollgeld? Geht schon!

Der Bundesrat, Economiesuisse und die die Schweizerische Nationalbank haben die Vollgeldinitiative salopp (oder populistisch?) als Hochrisikoexperiment zur Ablehnung empfohlen. In ihrer Überheblichkeit gehen sie davon aus, dass dies auch so geschehen...

Swiss Trade Balance February 2017: Swiss imports finally rising more than exports

Swiss exports are moving more and more toward higher value sectors: away from watches, jewelry and manufacturing towards chemicals and pharmaceuticals. With currency interventions, the SNB is trying to keep sectors alive, that would not survive without...

Switzerland’s economic prospects remain positive

Economic forecasts by the Federal Government’s Expert Group – spring 2017*. Swiss economic growth turned out disappointingly weak in the second half of 2016. However, the leading indicators are pointing to a clear upward trend in early 2017 and the...

Swiss Producer and Import Price Index in February 2017: -0.2 percent

The Producer and Import Price Index fell in February 2017 by 0.2% compared with the previous month, reaching 100.2 points (base December 2015 = 100). This decline is due in particular to lower prices for scrap, petroleum products and pharmaceutical...

Switzerland Unemployment: Unchanged at 3.3 percent seasonally adjusted

Registered unemployment in February 2017 - According to the State Secretariat of Economic Affairs (SECO) surveys, 159'809 unemployed persons were registered at the Regional Employment Centers (RAV) at the end of February 2017, 4'657 less than in the...

Swiss Inflation Up +0.6 percent against 2016, +0.5 percent against last month

The Swiss National Bank will have difficulties to weaken the Swiss Franc, because she is obliged to maintain her mandate, the avoidance of inflation. Already in January 2015, she gave up, because continuing interventions - at the excessively high euro...

Switzerland Q4 GDP: Insane Reliance on Exports Finally Stopped?

The Swiss economy relies very much (and probably too much) on exports. In the fourth quarter export of goods fell by 3.8%, while imports remained the same. Investments dipped, too. On the other side, consumption rose by a strong 0.9%. In total, the...

Swiss Retail Sales, January: Minus 2 percent Nominal and Minus 1.4 percent Real

Turnover in the retail sector fell by 2.0% in nominal terms in January 2017 compared with the previous year. Seasonally adjusted, nominal turnover rose by 0.6% compared with the previous month. These are provisional findings from the Federal...

Switzerland UBS Consumption Indicator January: Light and shade

The UBS consumption indicator rose from 1.38 to 1.43 points in January and continues to signal solid growth in private consumption. Swiss consumers view the economic and financial situation with considerably more optimism than in the last quarter. New...

Employment barometer in the 4th quarter 2016: Employment growth remains stable

In the 4th quarter 2016, total employment (number of jobs) rose by 0.3% in comparison with the same quarter a year earlier (+0.2% with previous quarter). In full-time equivalents, employment in the same period grew by 0.1%. The Swiss economy counted...

Swiss Industrial Production Q4: Minus 0.8 percent YoY, Construction: Minus 2.1 percent YoY

Secondary sector production declined 0.8% in 4th quarter 2016 in comparison with the same quarter a year earlier. Turnover fell by 2.1%. This is shown by provisional results from the Federal Statistical Office.

Statistics on tourist accommodation in December and year 2016: Overnight stays declined by 0.3percent in 2016 in Switzerland

The hotel sector registered 35.5 million overnight stays in Switzerland in 2016, representing a moderate decline of 0.3% (-96,000 overnight stays) compared with 2015. Foreign visitors registered 19.3 million overnight stays, a decline of 1.5%...

Swiss Trade Balance January 2017: Pharma maintains the Exports in the black figures

After adjusting for working days, exports increased by 5.3% (real: + 2.3%) in January 2017, boosted by chemicals and pharmaceuticals. Imports, on the other hand, fell by 1.2% (real: -6.8%). The trade balance loops on a record monthly surplus of 4.7...

Swiss Producer and Import Price Index in January 2017: +0.4 percent

The Producer and Import Price Index rose in January 2017 by 0.4% compared with the previous month, reaching 100.4 points (base December 2015 = 100). The rise is due in particular to higher prices for petroleum products, scrap and watches. Compared with...

Swiss Labour Force Survey 4th quarter 2016: Number of employed persons + 1.5percent; unemployment rate (ILO) 4.3percent

The number of employed persons in Switzerland rose by 1.5% between the 4th quarter 2015 and the 4th quarter 2016. During the same period, the unemployment rate as defined by the International Labour Organisation (ILO) decreased from 4.7% to 4.3%. The...

Swiss Consumer Price Index in January 2017: Consumer prices remain stable

The Swiss Consumer Price Index (CPI) remained unchanged in January 2017 compared with the previous month at 100.0 points (December 2015=100). Inflation was 0.3% in comparison with the same month in the previous year. These are the findings from the...

Switzerland Unemployment January 2017: The situation on the labor market

According to the State Secretariat for Economic Affairs (SECO) surveys, 164,466 unemployed were registered at the Regional Employment Centers (RAV) at the end of January 2017, 5,094 more than in the previous month. The unemployment rate thus rose from...
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