Industry and construction suffered a 10.2% decline in their turnover in the second quarter, said the Federal Statistical Office on Thursday. This is the largest drop recorded by the sector since 2009.
The production of the secondary sector in Switzerland fell by 7.7% over one year, according to the OFS.
KEYSTONE
The coronavirus pandemic weighed heavily on activities in the secondary sector in the second quarter, which includes industry and construction. Both production and sales suffered declines. No area has been spared, with the notable exception of the pharmaceutical branch.
The secondary sector suffered a 10.2% drop in turnover in the second partial. A decline of this magnitude has not been seen since 2009, according to data from the Federal Statistical Office (FSO) released Thursday. Production for its part fell by 7.7% over one year.
By comparison, production was up 0.8% in the first quarter, continuing an expansion that began 12 quarters earlier. Turnover had nevertheless suffered a decline of 0.4%, an unprecedented decline over the past three years.
Production fell mainly in the industry-related sub-segment (-8.6%), while construction (-3.0%) resisted the crisis better. Within this sub-segment, it was mainly civil engineering (-7.7%) that suffered from the pandemic situation, while building (-1.8%) and specialized construction works (-3 , 0%) have limited case.
In terms of turnover, this is again the industry that suffered the biggest losses, with a decline of 12.1% over one year. In construction, the decline was limited to 2.7% in the second partial.
Switzerland is doing better than its neighbors
For Karsten Junius, of the private bank Sarasin, the data illustrates both “the expected historic fall and the light at the end of the tunnel,” he told AWP. The chief economist highlights the solid development in the pharmaceutical industry, which has allowed “a smaller drop in production than in many other European countries”.
Switzerland has done better than its European neighbors, confirms Gianluigi Mandruzzato, economist for wealth manager EFG. Now the decisive question is whether the situation continues to recover as at the start of the third trimester.
With the exception of the pharmaceutical industry, which recorded a 13.3% increase in turnover and 9% in production, all industrial sectors suffered declines, sometimes even in double digits.
Production fell by 39.4% in electronics and watches, 30% in clothing and also 30% in the installation and repair sector.
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