Why Switzerland s economy is on the up despite the coronavirus pandemic thelocal.ch - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thelocal.ch Daily Mail and Mail on Sunday newspapers.
Article content
ZURICH The Swiss economy is expected to shrink in the first quarter of 2021, before rebounding later, after posting its weakest annual performance in more than 40 years during pandemic-ridden 2020, the government said on Friday.
Swiss GDP shrank by 2.9% last year, its worst result since a 6.7% drop in 1975 in the aftermath of oil price shocks, the State Secretariat for Economic Affairs (SECO) said.
We apologize, but this video has failed to load.
Try refreshing your browser, or Swiss expect GDP to shrink in Q1 before rebounding in rest of 2021 Back to video
The economy posted a 0.3% rise in output during the fourth quarter, slowing from a 7.6% improvement in the previous three months, as the government introduced new restrictions to combat a rise in coronavirus cases.
(Bloomberg) Switzerland’s economy unexpectedly expanded at the end of last year, with foreign demand for its goods helping offset the impact of lockdown measures to control the pandemic. Gross domestic product increased 0.3% in the fourth quarter, compared with estimates for a stagnation in a Bloomberg survey of economists. “On the whole, the second wave of the coronavirus until the end of 2020 had much less of an impact on the economy than the first wave did last spring,” the State Secretariat for Economic Affairs said. Still, SECO Deputy Director Eric Scheidegger said the economy would likely shrink in the first quarter of this year. The government shut restaurants and leisure facilities late in 2020 to stem Covid-19 infections. Although officials will reopen non-essential shops on March 1, a slow vaccination drive could delay the recovery. At the same time, the weaker franc could buttress momentum. It has fallen to the lowest against the euro since 2019 as investors dump hav
BRUSSELS (dpa-AFX) - Switzerland's economic growth eased sharply in the fourth quarter as the restrictions imposed to contain the coronavirus pandemic weighed heavily on the service sector, the
February 26, 2021 - Written by Tim Boyer
The Pound’s strong streak may have come to an end for now as investors took profit from the British currency’s bullish February, and the British Pound to Swiss Franc (GBP/CHF) exchange rate has been tumbling from its best levels on new demand for the Swiss Franc as well. The Swiss Franc is a safe haven currency which is often appealing in times of global market uncertainty, so it is benefitting from this week’s bonds rout.
After opening this week at the level of 1.2561, GBP/CHF spent most of the week trending with an upside bias. In the middle of the week, GBP/CHF was surging and touched on a high of 1.2877 - the best level for the pair in over a year.