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Switzerland: GDP decelerates slightly in Q4

March 3, 2015

In the fourth quarter, GDP grew 0.6% over the previous quarter in seasonally-adjusted terms. The print came in slightly below the 0.7% increase reported in the previous quarter; however, it overshot the 0.3% expansion the markets had expected. Compared to the same quarter last year, GDP growth was stable at Q3’s 1.9% expansion.

Q4’s slight deceleration came as a result of a slowdown in domestic demand, while the external sector performed better compared to the previous quarter. Private consumption rose 0.3% in Q4, which was slightly down from the 0.6% increase seen in the third quarter. In addition, total investment fell 12.1% over the previous quarter, which marked a notable deterioration over the 4.9% drop recorded in Q3. However, growth in government consumption rose from 0.7% in Q3 to 1.9% in Q4, thus marking the fastest increase since Q1 2009.

On the external side of the economy, exports of goods and services accelerated from a 4.1% increase in Q3 to a 9.3% rise in Q4. In addition, imports rose 5.8%, which was an improvement over the 2.2% rise seen in the previous quarter. As a result, the external sector’s net contribution to growth improved from 1.5 percentage points in Q3 to 3.1 percentage points in Q4.

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 slightly to 1.1%.


Author:, Senior Economist

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Switzerland GDP Q4 2014 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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