Economic situation

Development of economic output

Real and nominal GDP rates of change (in %, adjusted for sporting events)

Development of gross domestic product
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The COVID-19 pandemic and the containment measures had a significant impact on the Swiss economy in 2020 and early 2021. However, with the easing of restrictions in spring 2021, the domestic economy has started to recover. The manufacturing sector has increased production again and is benefiting from the pick-up in demand from abroad. As the year progresses, the economic recovery is likely to gain broader traction, with severely affected sectors such as hospitality and the event industry also benefiting from catch-up effects.

In the second half of 2021, economic output is expected to rise well above the pre-crisis level, but it will remain below the level forecast before the crisis. Above-average economic growth is also anticipated in 2022, driven mainly by foreign demand. Tourism should likewise benefit from this.

According to the forecasts, real GDP adjusted for sporting events will grow by 3.6% in 2021 and by a further 3.3% in 2022. As the economy recovers, companies are expected to expand their investments and hire more staff. Consequently, short-time working will be gradually reduced and unemployment will fall (2021: 3.1%; 2022: 2.8%). Positive inflation is also to be expected again (2021: 0.4%; 2022: 0.5%). Nominal economic growth, which also includes inflation, is likely to be 4.0% in 2021 and 3.8% in 2022.

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Last modification 12.08.2021

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