In the third quarter, GDP expanded a seasonally adjusted 0.6% over the previous period, which represents the strongest increase recorded since the last quarter of 2010. The figure contrasted the 0.1% contraction registered in the second quarter and overshot market expectations that had the economy growing only 0.2%. Compared to the same period last year, GDP grew 1.4% in Q3, faster than both the 0.3% expansion observed in Q2 and market expectations of a 0.9% increase. The stronger-than-expected increase was driven by growth in government spending, which increased 1.7% in Q3, more than double the 0.8% expansion observed in Q2. Private consumption, on the other hand, weakened somewhat over the previous period (Q2: +0.3% quarter-on-quarter; Q3: +0.1% qoq). While fixed investment declined 0.5% in Q3, total investment surged 1.8% over the previous period supported by restocking of inventories. On the external side of the economy exports of goods and services increased 0.5% in the third quarter (Q2: +0.4% qoq) while imports accelerated to a 0.8% growth rate (Q2: +0.2% qoq). As a result, the net contribution from the external sector to overall economic growth swung from plus 0.1 percentage points in Q2 to minus 0.1 percentage points in Q3.
Economy rebounds in third quarter
November 29, 2012
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Switzerland GDP Chart
Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: State Secretariat for Economic Affairs (SECO) and FocusEconomics Consensus Forecast.
Switzerland Economic News
October 6, 2016
In September, consumer prices increased 0.1% from the previous month, just under market expectations of 0.2%, in a timid rebound from August’s 0.1% decrease.
October 3, 2016
In August, retail sales contracted a seasonally- and working-day adjusted 3.0% over the same month last year.
October 3, 2016
In September, the manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch came in at 53.2 points, beating August’s 51.0 points.
September 30, 2016
Switzerland’s KOF economic barometer—a leading composite indicator for the Swiss economy forecasting a six-month period—edged up from 99.7 points in August to 101.3 points in September.
September 15, 2016
At its 15 September meeting, the Swiss National Bank (SNB) decided to maintain the target range for the three-month Libor at between minus 1.25% and minus 0.25%, which met market expectations.