Swiss GDP - 2nd quarter has slumped by -8.2 %!

Last Thursday Switzerland announced a drop in their GDP of -8.2 % in the 2nd quarter of 2020. This loss was largely caused by COVID-19 as the state went to a lockdown and had to take action to stem the economy. Both export and import of goods slumped by - 9.4 % respectively - 14.3 %. The tourist sector was also hit hard, despite the Swiss staying in the country and taking their holidays at home. Therefore the accommodation and food services are - 54.2 %, transport and communications - 21.7 %. SECO is expecting a recovery in the second half of 2020 if a second wave of COVID-19 will not materialise. Therefore they expect GDP to be around - 6.7 % and an unemployment rise to 3.9 % by the end of the year.

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