GDP of French-speaking Switzerland 2021

GDP of French-speaking Switzerland 2021

The GDP of French-speaking Switzerland increased by 45.2% between 2000 and 2020 despite repeated economic shocks in the past two decades, from the bursting of the internet bubble to the Covid-19 epidemic. The region outperformed Switzerland as a whole, with GDP growing by 39.3% over the same period, as well as the United States and the Eurozone (up 33.5% and 17.7%, respectively). Only central and northwest Switzerland performed better, with increases of 53.7% and 52.5%, respectively, while growth in Bern-Solothurn, eastern Switzerland, Zurich and Ticino (between 24, 2% and 37.0%) was not as strong.

October 13, 2021 – French-speaking Switzerland has weathered economic crises over the past 20 years, and has grown faster than other advanced economies such as Western Europe and the United States. According to 14NS An edition of a study on the GDP of French-speaking Switzerland, published by the six cantonal banks of the region, in collaboration with the CREA Institute and the Forum 100 (annual conference of the Swiss newspaper) the time).

The region is also a leader in job creation. Employment increased by 31.8% during this period, more than the economies of Western Europe and North America, with the exception of Luxembourg, a small economy with specific characteristics that has always performed well (up to 79%). French-speaking Switzerland ranks first among the regions of the country in terms of job creation: Central Switzerland ranks second with an increase of 27.7%, followed by Zurich with 23.1% and the national average with 21.3%. Growth is weakest in eastern Switzerland (14.9%), northwestern Switzerland (12.6%) and Bern-Solothurn (12.5%).

Growth is mainly driven by the services sector

READ  New Zealand polishes up after Covid-19 case

Like most advanced economies, French-speaking Switzerland has a strong tertiary sector. Services account for about three quarters added value and employment; The secondary sector accounts for about a quarter and the primary sector represents about one percent. It is therefore not surprising that the service sector was the main driver of growth between 2000 and 2020, generating about three-quarters of GDP growth. Commercial and real estate services, as well as public and semi-public services, performed particularly well. Retail, financial services, transportation and communications have also grown over the past 20 years. The secondary sector also contributed to GDP growth, notably chemicals/pharmaceuticals (notably “Vallée de la Santé” in French-speaking Switzerland), machinery, watchmaking, and construction.

The strong economy in the region has led to strong demographic growth, thanks mainly to immigration: the Switzerland-EU agreement on the free movement of people allowed companies to search abroad for their employment needs. The population of French-speaking Switzerland has grown by 25% over the past 20 years, although the trend became more gradual after the mortgage crisis in 2008. In other parts of the country, only Zurich recorded a slightly lower figure. Superior to French -Speaks Switzerland. Population growth has been slower in other advanced economies, particularly in the eurozone and countries bordering Switzerland.

Population growth has not translated into higher unemployment rates. The rate in French-speaking Switzerland has remained relatively stable at around 4% over the past 20 years (3.7% in August 2021), only increasing temporarily as a result of each economic shock. In 2019, unemployment reached 3.3%, which is almost the lowest level since 2000. Historically, unemployment in the region has been above the national average and in other parts of the country, but below the average in all developed countries, Including the euro area some neighboring countries.

READ  Thanks to telecommuting, they were able to "take their files in their luggage."

Economic recovery in French-speaking Switzerland

In the wake of the COVID-19 crisis, the gross domestic product of French-speaking Switzerland fell by 2.3% in 2020, according to the latest estimates from the CREA Institute. This drop was similar to the drop in Switzerland’s GDP (2.5% lower), but was not as pronounced as the slowdown in major advanced economies, such as the US (3.5% lower) and the euro (6.5% lower).

The Covid-19 crisis was not as severe as initially feared after the partial lockdown in spring 2020; In the summer of 2020, the GDP of French-speaking Switzerland is expected to decline by 5.7% in one of the deepest recessions of this century. The region’s diversified economy and business diversity has been a key factor in its resilience. The economy is also boosted by large-scale government assistance initiatives and the increasingly flexible preventive measures being implemented with each wave of the pandemic.

In 2021, regional, national and global economies are experiencing a strong recovery. The GDP of French-speaking Switzerland is expected to grow by 2.8% in 2021 and 4.2% in 2022. Swiss GDP growth is expected to be 3.2% in 2021 and 3.4% in 2022. The global economy is expected to grow by 6.0% this year and 4.9% next. However, the future is uncertain and prudence is synonymous.

key economic indicator

Gross Domestic Product is the most commonly used measure of the economy of a country or region. It shows how the economy grows or contracts over time and makes it easy to compare different regions. Policy makers and business leaders also rely on GDP forecasts to better guide their economic policy decisions and implement their plans.

Cantonal banks in French-speaking Switzerland, in cooperation with the Forum des 100, publish GDP figures for the region since 2008, as well as historical data and forecasts for the current year and the next. These figures were calculated by the Institute of Applied Economics CREA, affiliated with the School of Economics and Business Sciences of the University of Lausanne, according to a clearly explained methodology. The numbers for 2020 will be presented on 17NS 100th Annual Forum on October 14, 2021.

For more detailed information, visit www.bcf.chAnd www.bcge.chAnd www.bcj.chAnd www.bcn.chAnd www.bcvs.chAnd www.bcv.chAnd www.hec.unil.ch/crea where forumdes100.ch.

READ  Forcing banks to disclose their environmental impact

Leave a Reply

Your email address will not be published. Required fields are marked *