Switzerland GDP


Q3 GDP unchanged over last quarter

In the third quarter, GDP was unchanged over the previous quarter in seasonally-adjusted terms, and came in below the 0.2% increase seen in the second quarter. The print also disappointed the market, which had the economy expanding a weak 0.2%. Compared to the same quarter last year, GDP rose 0.8%, which was below the previous quarter’s 0.9% increase.

In Q3, private consumption expanded 0.4%, which was up from the 0.3% increase seen in Q2. Government consumption grew 1.8%, which contrasted the 0.1% contraction seen in Q2. On the other hand, fixed investment swung from a 0.8% expansion in the second quarter to a 0.2% contraction in the third quarter.

On the external side of the economy, exports of goods and services expanded 5.4% over the previous quarter, which contrasted the 4.1% contraction tallied in Q2 and marked the fastest increase in three quarters. Moreover, imports swung from a 6.9% contraction in Q2 to a 3.3% expansion in Q3. As a result, the external sector’s net contribution to growth improved from 1.2 percentage points in Q2 to 1.8 percentage points in Q3.

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 0.9% in 2015. For 2016, SECO sees economic activity strengthening and expects GDP to expand 1.5%. Meanwhile, the Swiss National Bank expects economic growth of below 1.0% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to expand 0.9% in 2015, which is unchanged from last month’s projection. For 2016, the panel expects economic growth to accelerate to 1.3%, which is also unchanged from last month’s estimate.

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Switzerland GDP Chart

Switzerland GDP Q3 2015

Note: Quarter-on-quarter changes of seasonally- and working-day adjusted GDP and year-on-year variation in %.
Source: State Secretariat for Economic Affairs (SECO) and FocusEconomics Consensus Forecast.

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