GDP in Switzerland

Switzerland GDP | Economic News & Forecasts

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

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)1.3  1.7  1.8  2.8  1.0  

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Switzerland GDP Chart

Switzerland GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: State Secretariat for Economic Affairs (SECO) and FocusEconomics calculations.

Switzerland Facts

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

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