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2024 is a leap year. The rare February 29th, a Thursday, becomes an extra working day for many. However, several public holidays fall on weekdays this year. What does that actually mean for economic performance?
The international packaging group Model will also be working one more day than usual in the leap year 2024 – the rare February 29th falls on a Thursday. The company, which has billions in sales, employs several thousand people worldwide. There are hundreds of employees at the headquarters in Weinfelden (TG) alone.
The additional production day benefits the company, says human resources manager Michael Uebersax: “In the production of cardboard packaging, we measure production in square meters. This is why, for example, it is easy to determine for each month whether there were additional days on which we were able to produce more or less.
Calendar effect is minimal
According to estimates by the State Secretariat for Economic Affairs Seco, an additional working day like in the leap year 2024 increases the gross domestic product (GDP) by 0.04 percent in Switzerland. However, this so-called calendar effect is small, says Jan-Egbert Sturm, head of the KOF economic research center at ETH Zurich.
Cantons determine public holidays
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In Switzerland, the cantons decide on public holidays and those days that are treated as public holidays (see table).
The only exception is August 1st, the federal holiday. All cantons only designate New Year’s Day, Ascension Day and Christmas Day as public holidays.
It is also important to take into account that it is not just about the leap day, but often also about vacation days that either fall on a weekend or occur during the week and bring with them other effects.
European Football Championship has a stronger impact on GDP
In 2024, many employees will have to work one more day, but New Year’s Day, the Federal Holidays and the two days of Christmas will all fall on working days. Uebersax says that there are years that are more employer-friendly when it comes to the holidays and years that are more employee-friendly. 2024 is one of the latter. To a certain extent that is simply a given.
However, recurring major events such as the European Football Championship or the Olympic Games have a much greater impact on the development of GDP than leap days and public holidays: “This is an effect that we notice much more strongly in our figures than the calendar effect. We’re talking about larger amounts,” says economic researcher Jan-Egbert Sturm.
Canton
Number of public holidays*
Aargau 13 Appenzell Ausserhoden 7 Appenzell Innerrhoden 12 Basel-Landschaft 8 Basel-Stadt 8 Bern 8 Freiburg 12 Geneva 10 Graubünden 7 Jura 12 Lucerne 12 Obwalden 13 Niedenburg 9 Nidwalden 9 Schaffhausen 9 Solothurn ** 16 St. Gallen 9 Ticino 14 Thurgau 9 Uri 13 Vaud 8 Valais 12 Zug 12 Zurich 9 ** without local holidays / Source: Federal Office of Justice *plus days that are treated as public holidays. Excluding public holidays that fall on a Sunday.
Many employees are likely to be interested in additional days off in the leap year 2024. For example, on another long weekend. This year, August 1st, a Thursday, or the following Friday would be ideal as a bridge day. For his company, Michael Uebersax differentiates the preferences according to the function of the employee: “For an employee in production who works shifts, this plays less of a role because she is free at a different time.”
Overall, the additional working day on February 29th is unlikely to have any impact on economic output in 2024. However, the leap year is a great holiday for employees.