Swatch predicts strong growth in 2012

The world's biggest watch group Swatch on Thursday forecast 2012 sales growth of between five and ten percent.

Published: 2 March 2012 10:22 CET

Nick Hayek, director of the Swiss group which also owns the Omega and Tissot brands, said January and February had seen double-digit growth but he did not expect this to be sustained throughout the year.

In China, which accounts for 39 percent of Swatch sales, Hayek said Swatch had recorded a “very slight slowdown in growth” for the first two months.

The Chinese are still choosing to spend their cash on Swiss-made watches, he said, while noting a trend towards middle-range brands and away from luxury ones.

The group announced earlier this month an 18.1 percent jump in net profit to 1.3 billion Swiss francs ($1.4 billion) for last year.

It's official! Switzerland is the most expensive country in the world

Photo: FABRICE COFFRINI / AFP

Switzerland topped the list well ahead of Norway in second place, with Iceland, Japan and Denmark rounding out the top five.

The rankings, put together by CEO World magazine, took into account rent, groceries, purchasing power, restaurants and the cost of living in 132 countries across the globe.

European countries featured prominently in the top 20, while countries in Asia and the Caribbean were also prominent.

Switzerland top of the list

Not only did Switzerland top the overall list, but it also ranked highly in several individual metrics, making the cost of living there officially the highest in the world.

READ: Everything you need to know about the cost of living in Switzerland

Groceries in Switzerland are also more expensive than anywhere in the world, ranking a full 30 points higher than second-placed South Korea.

But if you’re looking to avoid the grocery shop, eating out in Switzerland is also more expensive than anywhere else in the world.

The only bright light in the rankings is Switzerland’s national purchasing power – which is also top of the list – perhaps explaining why the Swiss love to travel or even just shop abroad.

This is of course more beneficial elsewhere, with the benefits of the country’s excellent purchasing power somewhat eroded by high prices at home.

Photo: CEO World

In fact, the only metric Switzerland doesn’t top is rental costs. That’s not to say renting in Switzerland is cheap, but it trails Hong Kong, Singapore and Luxembourg on the international rent index.

Least expensive countries

Among the least expensive countries, central Asian nations rank highly. Pakistan is officially the least expensive, followed by Afghanistan, India and Syria.

The least expensive European country on the list is Kosovo (124th) followed closely by Georgia (123rd). Romania is the least expensive European country on the list, in 99th place.

Top ten most expensive countries as per CEO World magazine

1. Switzerland

2. Norway

3. Iceland

4. Japan

5. Denmark

6. Bahamas

7. Luxembourg

8. Israel

9. Singapore

10. South Korea

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