Swiss housing on the lake with mountains in switzerland

Switzerland GDP Q3 2023

Switzerland: Economic activity bounces back in Q3

Economic activity increased 0.3% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting the 0.1% contraction logged in the second quarter and beating market expectations. The reading also contrasted the 0.1% contraction expected for the Euro area. On an annual basis, economic growth was stable at 0.4% in Q3.

Private consumption growth fell to 0.2% in Q3, marking the weakest expansion since Q1 2021 (Q2: +0.4% s.a. qoq) but still aided by low unemployment and inflation. Public spending rose 0.5% in Q3 (Q2: 0.0% s.a. qoq). Fixed investment fell at a more moderate pace of 0.7% in Q3, following the 2.6% decrease in the previous quarter.

Exports of goods and services increased 1.7% on a seasonally adjusted quarterly basis in the third quarter, which contrasted the second quarter’s 3.5% contraction. Strong exports of chemicals and pharmaceuticals, which are not very sensitive to the business cycle, likely provided support. In addition, imports of goods and services dropped at a slower pace of 3.6% in Q3 (Q2: -5.8% s.a. qoq).

Our Consensus is for a marginal quarter-on-quarter GDP expansion in Q4; the Swiss economy will continue to benefit from the strong domestic labor market, though soft external goods demand and a likely pullback in government spending will drag on momentum.

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