Switzerland GDP


Switzerland: GDP growth accelerates in Q3

December 3, 2014

In the third quarter, GDP increased 0.6% over the previous quarter in seasonally-adjusted terms. Growth in the Swiss economy was faster in Q3 than the revised 0.3% growth rate tallied in Q2 (previously reported: 0.0% quarter-on-quarter) and also overshot the 0.3% rise the markets had expected. Compared to the same quarter last year, GDP accelerated from a 1.6% increase in Q2 to a 1.9% expansion in Q3.

Q3’s better-than-expected reading reflected a broad-based improvement. Growth in private consumption picked up to 0.6% in Q3, which doubled the growth observed in Q2. Government spending swung from a 0.2% contraction in Q2 to a 0.9% expansion in Q3. In addition, gross fixed investment bounced back in Q3, increasing 0.5%, which was up from the 0.6% contraction tallied in Q2.

On the external front, exports of goods and services marked a notable improvement in the third quarter, growing 3.6% over the previous quarter, which contrasted the 9.1% decrease observed in Q2. Imports also improved and swung from an 11.8% plunge in Q2 to a 2.2% increase in Q3. Consequently, the net contribution from the external sector to overall economic growth rose from 0.5 percentage points in Q2 to 1.2 percentage points in Q3.

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 1.8% in 2014. For 2015, SECO expects the economy to grow 2.4%. Meanwhile, the Swiss National Bank expects economic growth of around 2.0% in 2014. FocusEconomics Consensus Forecast panelists expect GDP to expand 2.1% in 2014, which is unchanged from last month’s projection. For 2015, the panel expects economic growth to accelerate slightly to 2.2%, which is unchanged from last month’s forecast.

Author:, Senior Economist

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Switzerland GDP Chart

Switzerland GDP Q3 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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