GDP in Switzerland
Switzerland - GDP
Economic growth eases in the third quarter
Economic growth ebbed slightly in the third quarter, with GDP increasing 1.7% on a seasonally-adjusted quarter-on-quarter basis (Q2: +1.8% s.a. qoq). The economy is now above its pre-pandemic level, and thus is faring well relative to European peers. However, the Q3 slowdown would have been more pronounced if not for a large positive contribution from the “changes in inventories and statistical discrepancies” subsector.
Household spending growth waned to 2.7% seasonally-adjusted quarter-on-quarter in Q3 compared to a 4.0% expansion in Q2. Public consumption contracted 1.5% in Q3 (Q2: +4.1% s.a. qoq), likely due to reduced pandemic-related spending. Meanwhile, fixed investment was down 0.8% in Q3, contrasting the 2.1% expansion recorded in the prior quarter.
Exports of goods and services contracted 0.1% in Q3, marking the worst reading since Q2 2020 (Q2: +3.9% s.a. qoq). Conversely, imports of goods and services declined at a softer rate of 1.4% in Q3 (Q2: -1.7% s.a. qoq).
On an annual basis, economic growth lost momentum, cooling to 4.1% in Q3, down from the previous period's 8.6% growth.
Economic momentum will likely weaken in the final quarter due to the fresh wave of Covid-19 and supply constraints.
FocusEconomics Consensus Forecast panelists project the economy to expand 3.0% in 2022, which is unchanged from the previous month’s forecast. In 2023, the panel expects GDP to grow 1.8%.
Switzerland - GDP Data
|Economic Growth (GDP, annual variation in %)||1.3||1.7||1.8||2.8||1.0|
5 years of economic forecasts for more than 30 economic indicators.
Switzerland GDP Chart
Source: State Secretariat for Economic Affairs (SECO) and FocusEconomics calculations.
|Bond Yield||-0.51||6.27 %||Jan 01|
|Exchange Rate||0.97||-0.54 %||Jan 01|
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December 2, 2021
Retail sales increased 1.2% year-on-year in calendar-adjusted terms in October (September: +2.6% c.a.
December 1, 2021
Consumer prices increased 0.04% in November over the previous month, moderating from October's 0.30% increase.
December 1, 2021
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) fell to 62.5 in November from October's 65.4.
November 30, 2021
The KOF Economic Barometer came in at 108.5 in November, down from October's 110.2.
November 26, 2021
Economic growth ebbed slightly in the third quarter, with GDP increasing 1.7% on a seasonally-adjusted quarter-on-quarter basis (Q2: +1.8% s.a.