Switzerland: Q3 GDP unchanged over last quarter
December 1, 2015
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.
Author: Dirina Mançellari, Senior Economist