Switzerland GDP Q4 2015


Switzerland: Economy rebounds in Q4

March 2, 2016

In the fourth quarter, GDP increased 0.4% over the previous quarter in seasonally-adjusted terms, which contrasted the 0.1% drop seen in the third quarter and marked the best result in a year. The print came above the 0.2% increase seen in the third quarter. Compared to the same quarter last year, GDP rose 0.4%, which was below the previous quarter’s 0.8% increase.

In Q4, government consumption rebounded from a 0.1% drop in Q3 to a 0.6% expansion in Q4. Conversely, private consumption grew only 0.1%, which was a slowdown over the 0.3% tallied in the previous quarter. Moreover, fixed investment dropped 0.5%, which was down from the 0.3% decrease observed in the previous quarter and marked the worst result in over three years.

On the external side of the economy, exports of goods and services expanded 3.1% over the previous quarter, which came in below Q3’s 5.7% increase. Moreover, imports decelerated from a 4.3% growth in the third quarter to a 3.2% in the fourth quarter,. As a result, the external sector’s net contribution to growth deteriorated from 1.5 percentage points in Q3 to 0.4 percentage points in Q4.

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 1.5% in 2016. For 2017, SECO sees economic activity strengthening and expects GDP to expand 1.9%. Meanwhile, the Swiss National Bank expects economic growth of 1.5% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.2% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects economic growth to accelerate to 1.6%.

Author:, Senior Economist

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Switzerland GDP Chart

Switzerland GDP Q4 2015 1

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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