Consumption in Switzerland
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 |
Switzerland Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | -0.51 | 6.27 % | Jan 01 |
| Exchange Rate | 0.97 | -0.54 % | Jan 01 |
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Economic News
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Switzerland: Decline in retail sales softens in November
January 6, 2023
Retail sales declined 1.3% year on year in calendar-adjusted terms in November, which was a smaller contraction than October's 2.6% decrease.
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Switzerland: Inflation falls to lowest level since April in December
January 4, 2023
Inflation came in at 2.8% in December, down from November’s 3.0%.
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Switzerland: Manufacturing PMI improves in December; Services PMI declines
January 2, 2023
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) rose to 54.1 in December from November's 53.9.
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Switzerland: KOF Economic Barometer picks up in December
December 30, 2022
The KOF Economic Barometer came in at 92.2 in December, up from November's 89.2 and marking an end to five straight months of falling readings.
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Switzerland: SNB raises rates by 50 basis points in December
December 15, 2022
At its meeting on 15 December, the Swiss National Bank (SNB) raised its policy rate from 0.50% to 1.00%, matching the increase in the European Central Bank’s policy rates that was announced on the same day. As the SNB stated in its press release, the hike was aimed at “countering increased inflationary pressure and a further spread of inflation”.
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