This page has economic forecasts for Switzerland including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Switzerland economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.70 0.7 0.4 0.4 0.4 0.4 percent
Unemployment Rate 2.40 2.5 2.5 2.6 2.7 3.2 percent
Inflation Rate 1.10 1 0.9 1 1.2 1.9 percent
Interest Rate -0.75 -0.75 -0.75 -0.75 -0.5 0.25 percent
Balance of Trade 1447.00 1840 1790 2030 1900 880 CHF million
Government Debt to GDP 29.70 31.7 31.1 31.1 31.1 30.7 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.01
 0.99 0.99 1 1.01 1.03
Stock Market 8984.05
points		 9038 8949 8861 8775 8436
Government Bond 10Y 0.00
percent		 0.04 0.05 0.05 0.06 0.09
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.70
percent		 0.7 0.4 0.4 0.4 0.4
GDP Annual Growth Rate 3.40
percent		 2.8 2.6 2.5 2.3 2.6
GDP 678.89
USD Billion		 692 702 702 702 715
GDP Constant Prices 175638.02
CHF Million		 177515 178916 180029 179678 185773
Gross Fixed Capital Formation 43515.30
CHF Million		 44138 44596 44603 44516 46192
GDP per capita 76667.44
USD		 76800 77000 77000 77000 77200
GDP per capita PPP 57410.17
USD		 57600 57800 57800 57800 58000
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 2.40
percent		 2.5 2.5 2.6 2.7 3.2
Employed Persons 5046.00
Thousand 		5068 5078 5088 5098 5180
Unemployed Persons 107315.00
 110013 111372 110749 110333 110501
Productivity 104.72
Index Points		 106 106 106 106 105
Job Vacancies 31446.00
 29333 28444 28264 28227 28218
Wages 6260.00
CHF/Month		 6270 6320 6320 6291 6370
Wages in Manufacturing 113.10
Index Points		 115 117 114 115 118
Population 8.48
Million		 8.48 8.55 8.53 8.55 8.66
Retirement Age Women 64.00
 64 64 64 64 64
Retirement Age Men 65.00
 65 65 65 65 65
Job Offers 73674.00
 73233 76745 77907 76949 78859
Labor Force Participation Rate 68.40
percent		 68.46 68.42 68.43 68.44 68.43
Long Term Unemployment Rate 1.80
percent		 1.76 1.92 1.76 1.92 1.77
Non Farm Payrolls 5048.00
Thousand		 4991 4995 4999 5204 5025
Part Time Employment 1699.40
Thousand		 1707 1690 1727 1703 1746
Youth Unemployment Rate 2.40
percent		 2.43 2.39 2.39 2.39 2.39
Wage Growth 0.80
percent		 0.85 1.02 1.04 1.08 1.24
Employment Change 0.30
percent		 0.32 0.29 0.3 0.31 0.3
Employment Rate 79.90
percent		 80 79.64 79.89 79.76 79.85
Full Time Employment 2776.40
Thousand		 2809 2789 2777 2794 2795
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 1.10
percent		 1 0.9 1 1.2 1.9
Inflation Rate Mom 0.20
percent		 0.2 0.3 0.4 0.03 0.5
Consumer Price Index CPI 102.05
Index Points		 102 102 103 103 105
Core Consumer Prices 100.85
Index Points		 101 101 101 101 102
Core Inflation Rate 0.40
percent		 0.4 0.38 0.39 0.39 0.39
GDP Deflator 98.40
Index Points		 98.87 99.1 99.28 99.47 100
Producer Prices 103.21
Index Points		 104 105 106 106 109
Producer Prices Change 2.60
percent		 2.3 2.5 2.4 2.3 2
Export Prices 100.40
Index Points		 100 100 100 100 100
Import Prices 107.64
Index Points		 108 107 107 107 107
Food Inflation 1.70
percent		 1.67 1.51 1.62 1.55 1.58
Cpi Housing Utilities 103.90
Index Points		 103 104 104 105 107
CPI Transportation 103.87
Index Points		 102 104 106 104 105
Harmonised Consumer Prices 101.46
Index Points		 101 101 102 103 105
Inflation Expectations 0.70
percent		 0.72 0.72 0.72 0.72 0.72
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate -0.75
percent		 -0.75 -0.75 -0.75 -0.5 0.25
Interbank Rate -0.75
percent		 -0.75 -0.75 -0.75 -0.5 0.25
Money Supply M0 552562.00
CHF Million		 553984 552997 553572 553237 553362
Money Supply M1 654616.00
CHF Million		 656540 657687 657830 658193 658244
Money Supply M2 998688.00
CHF Million		 1001177 1002116 1002494 1002652 1002771
Money Supply M3 1046948.00
CHF Million		 1053809 1060319 1066723 1073063 1127317
Foreign Exchange Reserves 753258.00
CHF Million		 755458 757883 757983 757978 757987
Banks Balance Sheet 2023736.83
CHF Million		 2045958 2062647 2079269 2095812 2241175
Loans to Private Sector 1427438.00
CHF Million		 1440466 1449786 1458978 1468050 1544602
Deposit Interest Rate -0.32
percent		 -0.32 -0.32 -0.32 -0.07 0.68
Private Debt to GDP 239.26
percent		 238 238 238 238 232
Central Bank Balance Sheet 812778.00
CHF Million		 814384 813576 813337 813331 813340
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 1447.00
CHF million		 1840 1790 2030 1900 880
Exports 17827.00
CHF million		 20890 21460 22150 22750 24500
Imports 16380.00
CHF million		 19050 19670 20120 20850 23620
Current Account 22143.83
CHF Million		 25100 19900 17015 21800 19500
Current Account to GDP 9.80
percent		 9.5 9.8 9.8 9.8 8.8
External Debt 1838035.30
CHF Million		 1828224 1836834 1828899 1828626 1831253
Terms of Trade 115.12
Index Points		 115 115 116 116 112
Capital Flows 11300.52
CHF Million		 12284 13238 12870 12871 13215
Foreign Direct Investment 965478.00
CHF Million		 1055354 1076634 1097913 1119193 1328336
Tourist Arrivals 1958.00
Thousand		 1700 2000 1800 1800 1800
Gold Reserves 1040.00
Tonnes		 1040 1040 1040 1040 1040
Terrorism Index 0.27
 0.27 0.27 0.27 0.27 0.27
Tourism Revenues 4121.43
CHF Million		 3683 4070 4117 4956 3700
Weapons Sales 186.00
USD Million		 319 307 296 284 247
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 29.70
percent		 31.7 31.1 31.1 31.1 30.7
Government Budget 1.20
percent of GDP		 1 1.2 1.2 1.2 1.5
Government Budget Value 1373.00
CHF Million		 568 1112 24.21 -1064 -868
Government Spending 19857.94
CHF Million		 20375 20346 20354 20315 21323
Government Spending to GDP 33.00
percent		 33 33 33 33 33
Government Revenues 223705.00
CHF Million		 222598 224348 225222 226097 233975
Government Debt 197684.00
CHF Million		 227497 207339 197260 187181 166772
Fiscal Expenditure 221715.00
CHF Million		 219309 223235 225198 227161 234842
Military Expenditure 4603.60
USD Million		 4508 4543 4578 4614 4714
Asylum Applications 1230.00
persons		 1664 1730 1722 1700 1689
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 100.10
Index Points		 108 108 108 107 105
Manufacturing PMI 57.40
 60.9 60.2 59.7 54.85 57.2
Industrial Production 8.30
percent		 6.3 6.13 5.56 7.21 6.14
Manufacturing Production 8.80
percent		 5.54 6.31 5.46 6.52 6.5
Capacity Utilization 84.70
percent		 83.85 85.45 85.24 85.69 85.28
Factory Orders 11.40
percent		 3.86 3.45 4.58 5.81 6.02
Changes in Inventories -631.50
CHF Million		 -1601 -1137 -634 -830 -992
Bankruptcies 13257.00
Companies and Individuals		 13816 13805 13794 13783 13867
Car Registrations 22.57
Thousand		 27.32 28.83 29.44 29.56 29.49
Internet Speed 21683.45
KBps		 25670 26030 27250 27789 33087
IP Addresses 3855605.00
IP		 3934668 3953168 3970973 3988802 4140199
Mining Production -2.70
percent		 -3.01 -0.75 0.29 1.12 0.76
Zew Economic Sentiment Index -39.10
 -8.6 -14.4 -4.6 5.1 12.2
Competitiveness Index 82.59
Points		 83.09 83.09 83.09 83.09 85.59
Competitiveness Rank 4.00
 4 4 4 4 4
Ease of Doing Business 38.00
 34 37 38 39 41
Corruption Index 85.00
Points		 85 85 85 85 85
Corruption Rank 3.00
 3 3 3 3 3
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence -6.00
Index Points		 1 5 10 9 5
Retail Sales MoM -1.60
percent		 0.5 -0.4 -0.3 -0.02 0.4
Retail Sales YoY -2.70
percent		 0.7 1 1.1 -0.09 1.8
Consumer Spending 92768.30
CHF Million		 94706 94897 95088 94902 99112
Personal Savings 13.50
percent		 13.66 13.6 13.54 13.48 13.73
Consumer Credit 864709.00
CHF Million		 873353 879592 885800 891980 946317
Gasoline Prices 1.75
USD/Liter		 1.69 1.6 1.51 1.4 1.19
Households Debt To GDP 128.30
percent of GDP		 129 129 129 130 130
Households Debt To Income 181.53
percent		 180 180 180 179 176
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Housing Index 168.38
Index Points		 169 170 170 171 176
Construction Output 4.30
percent		 2.7 3.32 2.35 3.02 2.88
Home Ownership Rate 42.50
percent		 43.59 43.85 44.11 44.38 43.47
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 17.77
percent		 17.77 17.77 17.77 17.77 17.77
Personal Income Tax Rate 40.00
percent		 40 40 40 40 40
Sales Tax Rate 7.70
percent		 7.7 7.7 7.7 7.7 7.7
Social Security Rate 12.46
percent		 12.46 12.46 12.46 12.46 12.46
Social Security Rate For Companies 6.23
percent		 6.23 6.23 6.23 6.23 6.23
Social Security Rate For Employees 6.23
percent		 6.23 6.23 6.23 6.23 6.23
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 1.88
celsius		 2.84 -0.28 11.11 8.1 7.17
Precipitation 18.41
mm		 115 98.16 128 128 128



Switzerland - Economic Forecasts - 2018-2020 Outlook