Basel drives Swiss economic recovery
Basel has the most dynamic economy in Switzerland, having enjoyed a 1.2 per cent increase in its gross domestic product (GDP) this year.
The Rhine city outstrips Geneva and Lausanne, whose economies are stagnating, and leaves struggling eastern Switzerland far behind.
According to research published by the economic research group, BAK Basel Economics on Tuesday, the 1.2 per cent rise for Basel compares with a 0.4 per cent decrease in GDP for the whole of Switzerland and no change for the areas around Geneva and Lausanne.
Basel’s total far outstrips the GDP for eastern Switzerland, which plunged by 1.5 per cent in 2003 and which occupies the bottom rung of the table.
Strong growth
BAK said that Basel’s strengths lay in the high percentage of pharmaceutical and chemical industries in the region.
The organisation added that despite these industries having lost some of their dynamism, they still maintained strong growth.
The economists said that another reason was that Basel is a transport hub, which does not concentrate on aviation. This means that it has been less affected by the misfortunes of the national carrier, Swiss. The city also has Switzerland’s only Rhine port.
At the other end of the spectrum, BAK said that eastern Switzerland had been hit by downturns in the equipment and construction industries.
The region also has few industries in the growth sector of telecommunications and chemical and pharmaceutical industries.
2004 outlook
The study found that Basel would be in a far better position than other regions to profit from the expected economic upturn next year.
Researchers said they expected a rise of 2.6 per cent in GDP in Basel for this period.
This compares to a growth of 1.6 per cent for the Geneva and Lausanne areas and a projection of 0.6 per cent for eastern Switzerland.
A rise of 1.3 per cent is predicted for the whole of Switzerland for 2004.
swissinfo with agencies
BAK reports a 0.4% decrease in Switzerland’s GDP for 2003.
Basel’s GDP rose by 1.2%.
But eastern Switzerland’s GDP fell by 1.5% in 2003 and there was no growth for Geneva and Lausanne.
In 2004, Swiss GDP should rise by 1.3%.
Basel’s GDP should rise by 2.6%, the Geneva and Lausanne areas by 1.6% and that of eastern Switzerland by 0.6%.
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