Economic Indicators

Swiss economic output boosted by Olympics, European football championships

2024.09.03 06:14

ZURICH (Reuters) – The Swiss economy grew by 1.8% in the second quarter, the government said on Tuesday, boosted by income from the Paris Olympics and the European football championship as well as higher pharmaceuticals and chemical production.

The annual increase beat Reuters forecasts for 1.4% as broadcast revenues from both sporting events almost doubled GDP generated in the arts, entertainment and recreation.

As Switzerland hosts sports organisations such as European soccer’s governing body UEFA and the International Olympic Committee, it generates added value from the sale of licences, marketing rights and ticket sales for the events they organise.

When the impact of these events is removed, the economy grew by 1.4%, said the State Secretariat for Economic Affairs (SECO), which calculates the figures.

The improvement, from a 0.3% increase in the first quarter, also reflected an improvement in manufacturing, where a strong expansion from the chemical and pharmaceuticals industry compensated for a drop in output from other parts of industry.

“Sporting events like the Summer Olympics and the European Championships had a huge impact on the figures of Q2 2024,” said SECO economist Felicitas Kemeny.

“But the economic impact is not that great – the effect on the labour market is very limited. The Paris Olympics doesn’t lead to a lot of new jobs in Switzerland, while the organisations often redistribute the money to other countries, to develop football for example.”

Quarter on quarter, Swiss economic output in the second quarter expanded by 0.5%, in line with the government’s earlier estimate.

When the sporting events were included, output increased by 0.7%, the government said.

© Reuters. FILE PHOTO: Paris 2024 Olympics - Beach Volleyball - Men's Round of 16 Match - Brazil vs Netherlands (Evandro/Arthur vs van de Velde/Immers) - Eiffel Tower Stadium, Paris, France - August 04, 2024. General view of the Eiffel Tower Stadium shows the Eiffel Tower and the Olympic rings at dusk as the match is on. REUTERS/Paul Childs/File Photo

Despite the upturn in the second quarter, Kemeny said she still expected growth this year to be below Switzerland’s long term average of 1.8%.

“Although this quarter has surprised slightly to the upside, the international environment remains tough,” she said. “Overall we expect growth to be a bit slower than normal and in line with our current forecasts of around 1.2%.”



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 69,927.74 2.29%
ethereum
Ethereum (ETH) $ 2,469.43 0.71%
tether
Tether (USDT) $ 1.00 0.10%
bnb
BNB (BNB) $ 567.98 1.87%
solana
Solana (SOL) $ 166.85 2.67%
usd-coin
USDC (USDC) $ 1.00 0.02%
xrp
XRP (XRP) $ 0.512588 0.58%
dogecoin
Dogecoin (DOGE) $ 0.177074 14.00%
staked-ether
Lido Staked Ether (STETH) $ 2,466.69 0.66%
tron
TRON (TRX) $ 0.162145 1.40%
cardano
Cardano (ADA) $ 0.334893 2.26%
the-open-network
Toncoin (TON) $ 4.67 3.03%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 8.47%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,919.92 0.65%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 69,637.66 2.10%
avalanche-2
Avalanche (AVAX) $ 24.01 2.84%
weth
WETH (WETH) $ 2,468.17 0.66%
bitcoin-cash
Bitcoin Cash (BCH) $ 343.34 1.85%
chainlink
Chainlink (LINK) $ 10.84 3.41%
sui
Sui (SUI) $ 2.03 8.49%
leo-token
LEO Token (LEO) $ 6.03 0.39%
usds
USDS (USDS) $ 1.00 0.40%
polkadot
Polkadot (DOT) $ 3.90 2.98%
litecoin
Litecoin (LTC) $ 66.50 0.28%
near
NEAR Protocol (NEAR) $ 3.91 6.38%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,596.04 0.74%
aptos
Aptos (APT) $ 8.55 5.47%
uniswap
Uniswap (UNI) $ 7.17 4.05%
pepe
Pepe (PEPE) $ 0.000009 4.56%
internet-computer
Internet Computer (ICP) $ 7.34 1.93%
bittensor
Bittensor (TAO) $ 448.79 5.30%
dai
Dai (DAI) $ 0.999816 0.14%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.26 10.17%
monero
Monero (XMR) $ 161.04 0.37%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.19%
stellar
Stellar (XLM) $ 0.093091 1.31%
kaspa
Kaspa (KAS) $ 0.109526 3.99%
whitebit
WhiteBIT Coin (WBT) $ 19.07 0.83%
ethereum-classic
Ethereum Classic (ETC) $ 18.22 2.42%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.06%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.305276 3.24%
blockstack
Stacks (STX) $ 1.56 6.00%
okb
OKB (OKB) $ 37.83 0.37%
dogwifcoin
dogwifhat (WIF) $ 2.15 6.71%
filecoin
Filecoin (FIL) $ 3.41 1.30%
aave
Aave (AAVE) $ 132.72 2.13%
crypto-com-chain
Cronos (CRO) $ 0.072406 0.86%
arbitrum
Arbitrum (ARB) $ 0.492457 2.45%
mantle
Mantle (MNT) $ 0.56366 0.36%
immutable-x
Immutable (IMX) $ 1.10 3.00%