Geneva’s economy: Statistics report predicts a slow down after the boom

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The Geneva statistical office reported that Geneva’s economy witnessed a boom in the first six months of the year 2008,
even though the financial trouble is giving a different unclear outlook of the whole situation.
According to the major political and economical officials, Procter and Gamble is the third largest employer in the canton with 2,327 staff, despite its expansion that added a pressure on its housing market.
Today, the American firm still has a great impact on the cantons economy. Along with the biggest employers is the watchmaker Rolex,
with its three locations around the canton and its 3,992 staff making it as important as Procter and Gamble.
Migros with its 3,400 staff makes the third body. Till June 2008, reports showed an increase by 4.1% in employments, two out of three inhabitants are employed.
From the total amount of 297,000 work forces, 51,000 come from the surrounding border. 24,000 of them come from other parts of Switzerland.
For a very small surface area Geneva makes 0.6 % of all Switzerland, 8% of the country’s workforce, 85% of the canton’s jobs is in Services account, only 1% in agriculture.
The same office reveals that the highest top paid people in Switzerland are in Geneva. This is also where we find the biggest gap between the highest and the lowest paid.
The financial services such as banking, trading, multinational business, watch-making biotechnology make the backbone of the economy. Three jobs of ten are offered by the United Nations.
The report concludes that Geneva’s economy in the current financial turmoil would obviously show a slow down with its latest boom since the beginning of the year.
There would be more people at risk in loosing their jobs. For example, 13 staff might be the first to be laid off after the Iceland bank Kaupthing’s announced nationalized in Iceland.
‘Our study doesn’t take account of the chaotic evolution of these last few weeks’ said Dominique Frei, head of Geneva statistical office.

Source: www.swisster.ch

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