Switzerland Economic Indicators: Investor Reference

Who publishes Switzerland's economic data?

The Federal Statistical Office publishes the Swiss consumer price index monthly, along with retail trade turnover monthly and an industrial production series quarterly. The State Secretariat for Economic Affairs publishes quarterly GDP and the monthly registered unemployment statistics. The Federal Office for Customs and Border Security publishes the foreign trade results. The Swiss National Bank announces policy at quarterly assessments and publishes a conditional inflation forecast each quarter.

Switzerland indicators at a glance

Indicator	What it measures	Published by	Frequency
SNB Policy Rate	the Swiss National Bank's benchmark interest rate	Swiss National Bank	Irregular
Switzerland CPI	consumer price inflation in Switzerland	Swiss Federal Statistical Office	Monthly
Switzerland GDP	inflation-adjusted output of the Swiss economy	State Secretariat for Economic Affairs	Quarterly
Switzerland Industrial Production	real output of industrial companies in Switzerland	Swiss Federal Statistical Office	Quarterly
Switzerland Retail Sales	retail turnover in Switzerland	Swiss Federal Statistical Office	Monthly
Switzerland Trade Balance	the balance between Swiss goods exports and imports	Federal Office for Customs and Border Security	Monthly
Switzerland Unemployment	the share of the Swiss labor force registered as unemployed	State Secretariat for Economic Affairs	Monthly

Each row comes from the same source file as the indicator page it links, so the publisher and frequency here match that page.

How does Switzerland's central bank set policy?

The Swiss National Bank is an independent central bank. Under the Federal Constitution and the National Bank Act it must ensure price stability while taking due account of economic developments, and it gives priority to price stability if the two conflict. The Governing Board decides at quarterly assessments (more often if needed), sets the SNB policy rate and aims to keep SARON, the Swiss Average Rate Overnight, close to it. The decision is announced in a press release and explained at a news conference.

What is different about Switzerland's data?

• The SNB equates price stability with a rise in the Swiss CPI of less than 2% a year, and sustained deflation also breaches it, so there is no point target. Headline CPI is decisive. Its own core measure is a trimmed mean dropping the 15% of items with the largest and 15% with the smallest price changes each month.
• The SNB's three-year inflation forecast is conditional: it assumes the SNB policy rate stays unchanged over the horizon. The SNB describes it as a key communication tool, because changes in the forecast allow conclusions about the likely course of policy rather than predicting inflation under actual policy.
• SECO's headline GDP growth is adjusted for sporting events, an adjustment applied to GDP, to the arts, entertainment and recreation sector, and to exports and imports of services, so unadjusted growth can differ. A flash estimate typically comes about 45 days after the quarter ends and is later revised.
• SECO's registered unemployment counts jobseekers registered with regional employment centres (RAVs) at month end, divided by the working population from the FSO's Structural Survey. That differs from an ILO-based rate, so two different Swiss unemployment rates exist and should not be compared directly.
• Foreign trade is published as a business cycle total (Total 1) and a general total (Total 2). Total 2 adds precious metals, precious stones and gems, works of art and antiques. Total 1 is used mainly for economic analysis and Total 2 for international comparison, so check which total a headline uses.

Which Switzerland releases should you read first?

Read the SNB quarterly assessment and its conditional inflation forecast for the policy stance, then the monthly FSO CPI against the below 2% definition, then SECO's quarterly GDP and monthly registered unemployment for activity. Use trade Total 1 for cyclical analysis and remember Total 2 includes precious metals.

Frequently Asked Questions

How often does the Swiss National Bank set policy?

As a rule the SNB holds a monetary policy assessment every quarter, in mid-March, June, September and December, and can act in between if circumstances require. The decision is announced in a press release and explained at a news conference.

What does the SNB mean by price stability?

The SNB equates price stability with a rise in the Swiss consumer price index of less than 2% per year. A sustained fall in the price level also breaches the objective, and the SNB does not aim at a single inflation rate.

Why are there two Swiss trade totals?

The foreign trade statistics publish a business cycle total (Total 1) and a general total (Total 2). Total 2 adds precious metals, precious stones and gems, works of art and antiques; Total 1 is used mainly for economic analysis and Total 2 for international comparisons.

References

• Swiss National Bank: The SNB's monetary policy strategy
• Swiss National Bank: Questions and answers on monetary policy strategy
• State Secretariat for Economic Affairs: Gross domestic product, quarterly data
• Federal Statistical Office: SECO labour market statistics
• Federal Office for Customs and Border Security: Methods: Definitions