Economic activity surprises markets to the upside: According to a preliminary reading, GDP growth edged up to 4.5% year on...
Economic Growth in Switzerland
Switzerland's economy recorded an average growth rate of 1.8% in the decade to 2024, compared to the % average for . In 2024, real GDP growth was 1.4%. For more GDP information, visit our dedicated page.
Switzerland GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Switzerland from 2014 to 2024.
Source: Macrobond.
Switzerland GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -2.3 | 5.6 | 3.1 | 0.7 | 1.4 |
| GDP (USD bn) | 742 | 814 | 828 | 895 | 938 |
| GDP (EUR bn) | 650 | 689 | 788 | 828 | 867 |
| GDP (CHF bn) | 696 | 745 | 791 | 804 | 826 |
| Economic Growth (Nominal GDP, ann. var. %) | -3.0 | 7.0 | 6.3 | 1.6 | 2.7 |
GDP growth records best result since Q2 2024 in Q1
GDP reading: GDP growth accelerated to 0.5% on a seasonally adjusted quarter on quarter basis in the first quarter, up from 0.3% in the fourth quarter of last year and marking the best result since Q2 2024. Adjusting for sporting events—which frequently skew Swiss GDP data due to the country hosting several major global sports organizations—the economy expanded an ever stronger 0.8%. Booming pharmaceutical exports—potentially linked to front-loading ahead of possible U.S. tariffs—were a key driver, as was inventory accumulation.
Drivers: Looking at expenditure components, private consumption growth fell to 0.2% in Q1, marking the weakest expansion since Q1 2021 (Q4 2024: +0.5% s.a. qoq). Public consumption growth softened to 0.4% in Q1 (Q4 2024: +0.6% s.a. qoq). Meanwhile, fixed investment growth waned to 0.5% in Q1, below the 1.3% increase logged in the prior quarter. On the external front, exports of goods and services growth improved to 10.5% seasonally adjusted quarter on quarter in the first quarter, which marked the best reading since Q3 2022 (Q4 2024: +6.2% s.a. qoq). In addition, imports of goods and services growth picked up to 13.1% in Q1 (Q4 2024: +3.4% s.a. qoq).
Slowdown on the cards: Our panelists expect easing GDP growth later this year as the boost from export front-loading and higher inventories fades.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Swiss GDP projections for the next ten years from a panel of 37 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Swiss GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Swiss GDP projections.
Want to get access to the full dataset of Swiss GDP forecasts? Send an email to info@focus-economics.com.
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