Growth in Zurich financial sector to decline

Zurich’s financial sector is expected to experience lower growth in the years to 2020 compared with the last decade, a study has found.

This content was published on January 13, 2012 - 15:17 and agencies

Jobs in the banking industry are expected to suffer most in the coming years with insurance companies already having undertaken the necessary restructuring, researchers said.

The survey by economic researchers BAK Basel, which was mandated by the Zurich Office for Economy and Labour, examined the importance of the Zurich financial sector on a regional, national and international level.

It analysed banks, insurance companies and other financial institutions in cantons Zurich, Schwyz and Zug.

Researchers found that the financial sector contributes some SFr30 billion ($31.64 billion) a year, or 22 per cent, to Zurich’s gross domestic product (GDP). One in ten people - about 100,000 - in the canton are employed by the sector.

But the study estimated that growth will decline on average 0.3 per cent per year, the equivalent of a 3,000-a-year reduction in jobs.

In 2012, jobs are expected to diminish by 3.1 per cent in the Zurich financial sector. Annual growth between 2010 and 2020 is predicted at one per cent. 

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