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Switzerland – Stable labour market but fragmented economy

The GDP should grow by 1.4% in 2017, as last year. The global economic trend should not provide new impulses to the foreign trade, above all because of the expected slow-down in the euro zone.

The private consumption should maintain its growth pace: the slightly higher inflation (’17: 0.3%) barely erodes the real revenues of private households and the unemployment rate amounted to 3.3% in December (seasonally adjusted). 

The labour market resistance should depend, among others, on the structural change of employment from the sectors sensitive to economic trends (industry) towards the services sectors less sensitive to economic cycles (healthcare, social, education).

After the currency shock of January 2015, the situation is tense in the retail and tourism sectors, as well as in the machines, electronics and metals industries. In some firms the net asset values have been eroded and such losses have not been compensated yet. 

At the beginning of 2017, the Purchasing Managers’ Index of the manufactory industry, which reached in November its maximum since the end of 2013, showed positives signs. 

2017 should record the first positive inflation rate since 2011 (+0.3%). The Swiss National Bank (SNB) keeps a regime of negative interest rates (Libor 3M CHF: -0.75%), which should remain constant and lower than the European ones during 2017.

March 2017

ECSA Chemicals AG
Burgauerstrasse 17
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30
F: +41 71 394 02 31

Via Luigi Favre 16
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 01

ECSA Maintenance AG
Burgauerstrasse 17 
CH-9230 Flawil (Switzerland)
T: +41 71 394 02 30 
F: +41 71 394 02 31

Via Luigi Favre 16 
CH-6828 Balerna (Switzerland) 
T: +41 91 695 88 00
F: +41 91 695 88 02

ECSA Energy SA
Via Luigi Favre 16 
CH-6828 Balerna (Switzerland)
T: +41 91 695 88 00
F: +41 91 695 88 05

ECSA ITALIA Srl Società
con Unico Socio
Via Lavoratori Autobianchi 1 
I-20832 Desio (MB)
T: +39 0362 625 421
F: +39 0362 304 361
P.IVA IT00222470130

Porta Ticino Easy Stop SA
Via San Giorgio 37
CH-6877 Coldrerio
T: +41 91 640 35 50 
F: +41 91 640 35 51

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