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.

Positive Economic Outlook Continues Despite Tentative Recovery to Date

Economic forecasts by the Federal Government’s Expert Group – summer 2017* - Although growth in the Swiss economy has steadily accelerated over the past two quarters, it has nevertheless fallen short of expectations. A further marked increase in...

Swiss Trade Balance May 2017: Foreign Trade is Strengthening

In May 2017, Swiss foreign trade was dynamic. Adjusted for working days, exports increased by 7.5% and imports by 8.7%. Chemicals and pharma boosted growth in both directions. The balance of trade closed with an impressive surplus of 3.4 billion francs.

Swiss Producer and Import Price Index in May 2017: +0.1 YoY, -0.3 MoM

The Producer Price Index (PPI) or officially named “Producer and Import Price Index” describes the changes in prices for producers and importers. For us it is interesting because it is used in the formula for the Real Effective Exchange Rate. When...

Swiss Consumer Price Index in May 2017: Up +0.5 percent against 2016, +0.2 percent against last month

The consumer price index (CPI) increased by 0.2% in May 2017 compared with the previous month, reaching 101.0 points (December 2015=100). Inflation was 0.5% compared with the same month in the previous year.

Switzerland Unemployment in May 2017: Decreased from 3.3 percent to 3.2 percent seasonally adjusted

Registered unemployment in May 2017 - According to the SECO surveys, 139,778 unemployed were registered at the Regional Employment Services Centers (RAV) at the end of May 2017, 6,549 less than in the previous month. The unemployment rate thus fell...

Tourist Accommodation in the Winter Season 2016/2017: Overnight stays Increased by 2.0 percent in Switzerland

The hotel sector registered 15.7 million overnight stays in Switzerland during the winter tourist season (from November 2016 to April 2017). This represents an increase of 2.0% (+314,000 overnight stays) compared with the same period a year earlier....

KOF Economic Barometer Decreases Substantially

In May 2017, the KOF Economic Barometer fell by 4.7 points (from revised 106.3 in April) to a new standing of 101.6. After a slight downward correction in the last month, the indicator’s value decreased substantially this month. However, with a...

Switzerland Q1 GDP: +0.3 percent QoQ, +1.1 percent YoY

Switzerland’s real gross domestic product (GDP) grew by 0.3 % in the first quarter of 2017*. Private consumption growth expanded only slightly, while government consumption rose moderately. Following the previous quarter’s fall, investment in...

Swiss Retail Sales, April: -1.4 percent Nominal and -1.2 percent Real

Real turnover in the retail sector also adjusted for sales days and holidays fell by 1.2% in April 2017 compared with the previous year. Real growth takes inflation into consideration. Compared with the previous month, real, seasonally adjusted retail...

Switzerland UBS Consumption Indicator April: Late Easter slows down car sales

The UBS consumption indicator stood at 1.48 points in April, indicating average private consumption growth. The improved mood in the retail sector supported the indicator, while a decline in new car registrations had a negative effect. The index of...

Employment barometer in 1st quarter 2017: Slight increase in number of jobs in 1st quarter 2017

In the 1st quarter 2017, total employment (number of jobs) rose by 0.4% in comparison with the same quarter a year earlier (-0.1% with previous quarter). In full-time equivalents, employment in the same period rose by 0.2%. The Swiss economy counted...

Swiss Labour Force Survey 1th quarter 2017: Number of employed persons +0.6 percent; unemployment rate (ILO) 5.3 percent

The number of employed persons in Switzerland rose by 0.6% between the 1st quarters of 2016 and 2017. During the same period, the unemployment rate as defined by the International Labour Organisation (ILO) remained stable at 5.3%. The EU's unemployment...

Swiss Trade Balance April 2017: Exports Stagnate

In April 2017, adjusted exports of working days shrank as imports strengthened by 2.3%. Changes in sales were marked by the reluctance of the chemical and pharmaceutical sector. The trade balance has closed with the smallest surplus in the last two years.

Income and living conditions (SILC) 2015: Poverty in Switzerland: 7% of the Swiss population were affected by income poverty

Neuchâtel, 15.05.2017 (FSO) - In 2015 approximately 570 000 people were affected by income poverty in Switzerland. Just under 145,000 of these were employed. The groups most affected were persons living alone or in single parent households with minor...

Swiss Producer and Import Price Index in April 2017: +0.8 YoY, -0.2 MoM

The Producer and Import Price Index fell in April 2017 by 0.2% compared with the previous month, reaching 100.1 points (base December 2015 = 100). This decline is due in particular to lower prices for petroleum products and machinery. Compared with...

Swiss Consumer Price Index in April 2017: Up +0.4 percent against 2016, +0.2 percent against last month

The consumer price index (IPC) increased by 0.2% in April 2017 compared with the previous month, reaching 100.9 points (December 2015=100). Inflation was 0.4% compared with the same month the previous year. These are the results of the Federal...

Switzerland Unemployment in April 2017: Unchanged at 3.3 percent seasonally adjusted

Registered unemployment in April 2017 - At the end of April 2017, 146,327 unemployed persons were registered with the Regional Employment Services Centers (RAV), according to the SECO surveys, 5,953 less than in the previous month. The unemployment...

Swiss real estate market UBS Swiss Real Estate Bubble Index Q1 2017

The UBS Swiss Real Estate Bubble Index remained in the risk zone at 1.39 points in the first quarter of 2017 following a moderate increase. The increase in home prices outpaced the increase in rents and income. Demand for buy-to-let investments also...

Consumer Sentiment Stands Near its Average

With an index value of -8 points, Swiss consumer sentiment in April 2017 is virtually at its long-term average, having been slightly more optimistic in January (-3 points). While expectations for overall economic developments are above average in...

Swiss Retail Sales, March: +1.8 percent Nominal and +0.7 percent Real

Turnover in the retail sector rose by 1.8% in nominal terms in March 2017 compared with the previous year. This is the sharpest increase since June 2014. Seasonally adjusted, nominal turnover rose by 0.6% compared with the previous month. These are...
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