SWITZERLAND

摘要

While the current situation remains grim, the government's 2020 GDP forecast has improved to -6.2%, just below the consensus of -5.9%. The increase in the KOF economic barometer in June was attributed to increases in industry, services and construction (from a very low base). Retail turnover climbed by +6.6% (y-o-y) in May, turning positive again after decreases in April (-18.8%) and March (-5.7%). While the short-time working programme has limited layoffs to some extent, the unemployment rate rose to 3.3% in June. Financial implications on households, as well as a drag on exports, will impact the GDP recovery next year.