No surprises but our ‘club’ of miseries actually runneth over. After being ‘recession buddies’ for a while, we were all getting slightly bored with each other’s falling GDP charts. But not anymore: we now have a brand new member in the hallowed league of shrinking economies. Switzerland is officially in recession. But, there is only one difference: if we are neck-deep in an economic morass, Switzerland is just about dipping its toe into it. With results for the last quarter in, the country’s economy took its fastest tumble in 15 years with a teeny dip of 0.8 per cent in GDP. Yes, 0.8 per cent!
But if you are thinking that this smallish dip has dampened their spirits, we are glad to report (and just in case you think we are jealous, we are not) that while lesser mortals like us worry about holding on to our jobs and think twice about splurging, Swiss consumers have actually increased their spending by an marginal increase of 0.1 per cent.
While we editorial writers were getting tied up in knots trying to understand the billions that add up to make this fraction, our in-house statistician is completely unmoved. The reason: this small statistical change, says a number cruncher, is a statistical error margin. So why did they leak this news out? You know, it must be that desperate itch to be a part of the majority club. Welcome Switzerland!