Switzerland 2020 became a year of pause.
Switzerland shut down, just like its neighbours in the European Union. The link runs deep. Switzerland imports 70% of its goods from the EU. It also sends 52% of its exports there. In fact, it is the EU third-largest trading partner. Even so, several sectors kept working. The building industry is one. It makes up about 6% of GDP in most regions, and it kept going. People could still move around. However, most shops closed, and employers strongly encouraged working from home.
How the economy held up
Working from home filled the days with calls and video conferences. Yet banking, insurance and trade held steady. Tourism suffered more. It brings in almost CHF 20 billion, or about 3% of GDP. Still, it matters less than the pharmaceutical and chemical industry, which accounts for roughly 10%.
The numbers tell the rest. Experts put the 2020 fall in GDP at around 6%. They then expect a rebound of about 5% in 2021. That gain, however, will not erase the loss. Meanwhile, unemployment could climb to 3.6%.
Further information: SECO – State Secretariat for Economic Affairs
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