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.

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