Switzerland GDP


Switzerland: GDP growth flattens in Q2

September 2, 2014

In the second quarter, GDP growth was flat compared to the previous quarter in seasonally-adjusted terms. The print came in below both the 0.5% increase reported in the previous quarter and the 0.5% expansion the markets had expected. Compared to the same quarter last year, GDP slowed sharply from a 2.2% increase in Q1 to a 0.6% expansion in Q2.

Q2’s subdued result showed that a slight improvement in domestic demand compensated for a deterioration in the external sector. Private consumption improved slightly in Q2, increasing 0.2% over the previous quarter, which was up from the 0.1% rise in Q1. Government consumption decreased 0.3% in Q2, which, nonetheless, was less pronounced that the 0.7% contraction tallied in Q1. Fixed investment showed zero growth in the second quarter, which came in below the 0.2% increase in Q1.

On the external side of the economy, exports of goods and services slowed from a 2.3% expansion in Q1 to a meagre 0.6% rise in Q2. Meanwhile, imports swung from a 1.0% drop in Q1 to a 0.9% expansion in Q2. Net exports did not contribute in to overall economic growth in the second quarter, which marked a deterioration compared to the 1.7 percentage-point contribution registered in the first quarter.

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 2.0% in 2014. For 2015, SECO expects the economy to grow 2.6%. 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%.

Author:, Senior Economist

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Switzerland GDP Chart

Switzerland GDP Q2 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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