Consumption in Switzerland

Switzerland Consumption | Economic News & Forecasts

Switzerland - Consumption

GDP growth improves moderately in Q3

GDP growth accelerated moderately to 0.2% on a seasonally adjusted quarter-on-quarter basis in the third quarter, from a downwardly revised 0.1% in the second quarter (previously reported: +0.3% qoq s.a).

Household spending increased 0.7% in the third quarter, which was below the second quarter's 1.3% expansion. A strong labor market and a return to normalcy following the pandemic likely supported spending. Public consumption rose 0.2% in Q3 (Q2: 0.0% s.a. qoq). Meanwhile, fixed investment growth was stable at 0.8% in Q3, amid strong investment in IT and vehicles.

Exports of goods and services increased 14.2% on a seasonally adjusted quarterly basis in the third quarter, which contrasted the second quarter's 11.1% contraction. In addition, imports of goods and services bounced back, growing 11.2% in Q3 (Q2: -5.9% s.a. qoq), marking the best reading since Q2 2013.

On an annual basis, economic growth waned notably to 0.7% in Q3, from the previous quarter's 2.3% growth. Q3's reading marked the worst reading since Q1 2021.

Looking to Q4, our analysts expect a further mild GDP expansion, powered by ongoing private consumption growth thanks to rock-bottom unemployment and mild price pressures by international standards. However, investment is seen declining amid tighter financial conditions.

FocusEconomics Consensus Forecast panelists expect the economy to expand 0.7% in 2023, which is down 0.1 percentage points from last month’s forecast. In 2024, the panel expects GDP to expand 1.7%.

Switzerland - Consumption Data

2015   2016   2017   2018   2019  
Consumption (annual variation in %)1.7  1.4  1.2  1.0  1.2  

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Switzerland Facts

Value Change Date
Bond Yield-0.516.27 %Jan 01
Exchange Rate0.97-0.54 %Jan 01

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