Exports G&S in Switzerland

Switzerland Exports G&S | Economic News & Forecasts

Switzerland - Exports Goods and Services

Economy remains robust in Q2

GDP growth was unchanged at 0.3% on a seasonally-adjusted quarter-on-quarter basis in the second quarter. While domestic demand and services exports benefited from the lifting of pandemic restrictions, a double-digit decline in goods exports due to lower transit trade weighed notably on the overall reading.

Private consumption growth picked up to 1.4% seasonally-adjusted quarter-on-quarter in Q2 compared to a 0.4% expansion in Q1. Public spending was flat in Q2 (Q1: +0.2% s.a. qoq). Meanwhile, fixed investment bounced back, growing 1.7% in Q2, contrasting the 3.3% contraction logged in the prior quarter.

On the external front, exports of goods and services plunged at the steepest rate in over five years, contracting 10.3% in the second quarter (Q1: +1.7% s.a. qoq). In addition, imports of goods and services declined at a quicker pace of 5.2% in Q2 (Q1: -2.0% s.a. qoq).

On an annual basis, economic growth waned notably to 2.5% in Q2, compared to the previous quarter's 4.3% expansion.

Looking to Q3, activity is seen losing some steam in the face of higher inflation and interest rates, and softer external demand. However, the Swiss economy is still forecast to outperform most European peers, thanks to relatively muted price pressures and rock-bottom unemployment.

FocusEconomics Consensus Forecast panelists project the economy to expand 2.5% in 2022, which is unchanged from the previous month’s forecast, and 1.3% in 2023.

Switzerland - Exports G&S Data

2015   2016   2017   2018   2019  
Exports (G&S, annual variation in %)2.6  6.3  -0.2  2.9  0.5  

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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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