Service Sector Revenues Continue to Decline in July
Published: Monday, Oct 2nd 2023, 07:50
Updated At: Friday, Oct 13th 2023, 14:12
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In July, Swiss service companies saw significantly lower revenue than in the same month of the previous year. According to figures released by the Federal Statistical Office (FSO) on Monday, adjusted service revenues fell by 10.0 percent in the reporting month. The negative trend has stabilized. According to revised figures, the decrease was also 10.0 percent in June, and -7.2 and -8.1 percent in the two months before that. The Federal Statistical Office (BFS) reported on Monday that the wholesale sector is significantly contributing to the declining trend, based on provisional results. In July, compared to the same month of the previous year, it recorded a turnover decrease of 14.9%. On the other hand, the "Hospitality/Accommodation and Catering" sector was significantly positive (+7.4%). In July, the total foreign turnover decreased significantly with an adjusted decrease of 22.7 percent, while the domestic turnover only decreased by 2.9 percent. The Swiss Federal Statistical Office (BFS) publishes a monthly Service Turnover Statistics (DLU) to track the development of turnover in the service sector. This statistic has been released since this year and provides an important insight into the current state of the Swiss economy.
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