Swiss Services Turnover Is Still Declining

Swiss Services Turnover Is Still Declining

Fri, May 31st 2024

Swiss service companies saw an 8.0% decline in March turnover.

KEYSTONE/Christian Beutler

Swiss service companies once again recorded a significant decline in turnover in March. Compared to the previous month, however, the pace of decline has slowed somewhat.

Adjusted for working day effects, service turnover fell by 8.0% in March compared to the same month last year, as reported by the Federal Statistical Office (FSO) on Friday. In February, the decline had still amounted to 11.0%. Wholesale trade was the main contributor to this development.

This continues the negative trend in overall service sales. At the beginning of the year, the decline was a revised 9.1%, and there was not a single month with a positive trend in 2023.

The “Trade” economic sector recorded a decline of 17.0%. The “transportation and storage” sector also reported a negative result of minus 8.1%.

Meanwhile, turnover in the “hospitality/hotel and catering” sector increased by 6.0% compared to the same period last year. The “information and communication” sector (+20.1%) also reported a positive result. The “real estate and housing” (+11.7%), “provision of other business services” (+10.5%), and “provision of professional, scientific, and technical services” (+14.7%) sectors also performed well.

The FSO’s service turnover statistics (DLU) are monthly economic statistics that describe the development of turnover in the service sector. They have been published since 2023.


the swiss times
A production of UltraSwiss AG, 6340 Baar, Switzerland
Copyright © 2024 UltraSwiss AG 2024 All rights reserved