GDP in Switzerland
Switzerland - GDP
Economic growth eases in the third quarter
Economic growth ebbed slightly in the third quarter, with GDP increasing 1.7% on a seasonally-adjusted quarter-on-quarter basis (Q2: +1.8% s.a. qoq). The economy is now above its pre-pandemic level, and thus is faring well relative to European peers. However, the Q3 slowdown would have been more pronounced if not for a large positive contribution from the “changes in inventories and statistical discrepancies” subsector.
Household spending growth waned to 2.7% seasonally-adjusted quarter-on-quarter in Q3 compared to a 4.0% expansion in Q2. Public consumption contracted 1.5% in Q3 (Q2: +4.1% s.a. qoq), likely due to reduced pandemic-related spending. Meanwhile, fixed investment was down 0.8% in Q3, contrasting the 2.1% expansion recorded in the prior quarter.
Exports of goods and services contracted 0.1% in Q3, marking the worst reading since Q2 2020 (Q2: +3.9% s.a. qoq). Conversely, imports of goods and services declined at a softer rate of 1.4% in Q3 (Q2: -1.7% s.a. qoq).
On an annual basis, economic growth lost momentum, cooling to 4.1% in Q3, down from the previous period's 8.6% growth.
Economic momentum will likely weaken in the final quarter due to the fresh wave of Covid-19 and supply constraints.
FocusEconomics Consensus Forecast panelists project the economy to expand 3.0% in 2022, which is unchanged from the previous month’s forecast. In 2023, the panel expects GDP to grow 1.8%.
Switzerland - GDP Data
|Economic Growth (GDP, annual variation in %)||1.3||1.7||1.8||2.8||1.0|
5 years of economic forecasts for more than 30 economic indicators.
Switzerland GDP Chart
Source: State Secretariat for Economic Affairs (SECO) and FocusEconomics calculations.
|Bond Yield||-0.51||6.27 %||Jan 01|
|Exchange Rate||0.97||-0.54 %||Jan 01|
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January 7, 2022
Retail sales expanded 5.8% year-on-year in calendar-adjusted terms in November, which was above October's 2.2% increase.
January 4, 2022
Consumer prices dropped 0.10% from the previous month in December, contrasting the 0.04% rise recorded in November.
January 3, 2022
The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) rose to 62.7 in December from November's 62.5.
Switzerland: KOF Economic Barometer records worst reading since February in December, but remains fairly upbeat
December 31, 2021
The KOF Economic Barometer came in at 107.0 in December, down from November's 107.5.
December 16, 2021
At its meeting on 16 December, the Swiss National Bank (SNB) left its policy rate and the interest rate on sight deposits at minus 0.75%—the world’s lowest.