The Swiss mechanical, electrical and metal industries are recovering, as indicated by increases in turnover and employment.
The industry lobby group Swissmemexternal link reported on Thursday that 4,500 additional jobs were generated in 2017 compared to the previous year, taking the industry total to 322,100. In contrast, 12,600 jobs were cut in 2015 and 2016 combined.
Last year also saw a 9.4% increase in turnover over 2016. In the fourth quarter alone, orders increased by a hefty 29.4%.
“The industry hasn’t done so well in a long time,” said Swissmem in a statement. Yet it cautioned that the recent months of recovery were not enough to compensate for losses of the past few years. In order to invest in the future, the industry now needs a longer period of growth with significantly better margins, points out Swissmem.
Total exports from the Swiss mechanical, electrical and metal industries increased by 5.5% in 2017, and by 5.9% to European Union countries and 7.4% to the United States.