Switzerland GDP


GDP expands slightly in Q2

In the second quarter, GDP expanded 0.2% over the previous quarter in seasonally-adjusted terms, which contrasted the previous quarter’s 0.2% contraction. As a result, in Q2, the economy avoided falling into technical recession.The print also contrasted the 0.1% decrease the markets had expected. Compared to the same quarter last year, GDP rose 1.2%, which matched Q1’s figure.

In Q2, private consumption expanded 0.3%, which was up from the 0.2% increase seen in Q1. In addition, fixed investment swung from a 0.3% contraction in the first quarter to a 0.9% expansion in the second quarter. On the other hand, growth in government consumption inched down from 0.3% in Q1 to 0.2% in Q2.

On the external side of the economy, exports of goods and services dropped 4.4% over the previous quarter, which was a deterioration over the 3.7% decrease seen in Q1. Moreover, imports plummeted 7.6% compared to Q1, which contrasted the 2.2% expansion seen in Q1. As a result, the external sector’s net contribution to growth swung from minus 3.9 percentage points in Q1 to plus 1.4 percentage points in Q2.

FocusEconomics Consensus Forecast panelists expect GDP to expand 0.6% in 2015, which is down 0.4 percentage points from last month’s projection. For 2016, the panel expects economic growth to accelerate to 1.1%.

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Switzerland GDP Chart

Switzerland GDP Q2 2015 0

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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