Zurich’s economy is weaker than one often thinks. (Image: R. Gomez / unsplash)
Zurich often thinks that it is better than the rest of Switzerland or at least than its arch-rival Basel. However, the cantonal bank ZKB refutes this.
The Zürcher Kantonalbank ZKB has launched a new report on analyzes of the economy and society with a focus on regional economics.
The new publication should help fulfill its legal performance mandate, it was said in a communiqué.
Actually just average
The first edition of the new analysis series clears up three points.
The ZKB wrote that the canton of Zurich is, firstly, the economic center of Switzerland.
But in terms of productivity, Zurich does not stand out from the Swiss average.
Arch-enemy Basel better
Zurich’s economic structure also has a stabilizing effect on the economy, but the canton of Zurich is not the economic engine, explained the ZKB on the second point.
Thirdly, Zurich is also one of the stronger cantons when it comes to exporting goods.
However, Zurich must leave the top position to Basel-Stadt, which is supported by the pharmaceutical industry.
Productivity lagging behind
The bankers wrote in detail that almost a million people are employed in over 100,000 companies in the canton of Zurich.
This corresponds to over 20 percent of all employees in Switzerland.
Zurich’s economic output also amounts to around 20 percent of the value added in Switzerland as a whole.
In this respect, Zurich’s labor productivity, i.e. the value added in relation to employment, is only the Swiss average, the ZKB freely admitted.
Reputation better than reality
This may seem surprising at first glance, as the financial sector in particular has a reputation for above-average productivity.
Although Zurich’s economic structure stabilizes the economy, the canton of Zurich is not the economic engine.
The canton’s below-average economic growth in recent years can be explained by the high proportion of services, the ZKB continued.
Front midfield
The canton of Zurich is one of the stronger cantons when it comes to exporting goods.
But he couldn’t keep up with Basel City, which is supported by the pharmaceutical industry.
With a share of 6 percent of Swiss exports, the canton of Zurich is in the upper midfield.
Avoid depression
When it comes to Swiss imports, however, Zurich is the strongest force and is therefore ranked at the top.
While the foreign trade figures for the cantons of Basel-Stadt and Ticino are each driven by one sector, the situation in Zurich is more balanced.
Well, that’s at least something to stop Zurich from falling completely into a depression.
22.10.2024/kut.
