Economic Growth in Switzerland
The Swiss economy recorded an average growth rate of 1.9% in the decade to 2022. In 2022, real GDP growth was 2.7%. 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 2023.
Source: Macrobond.
Switzerland GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.2 | -2.3 | 5.6 | 3.1 | 0.7 |
GDP (EUR bn) | 645 | 650 | 689 | 788 | 828 |
GDP (USD bn) | 722 | 742 | 814 | 828 | 895 |
GDP (CHF bn) | 717 | 696 | 745 | 791 | 804 |
Economic Growth (Nominal GDP, ann. var. %) | 1.1 | -3.0 | 7.0 | 6.3 | 1.6 |
Economic growth slows in the third quarter
GDP reading: GDP growth ebbed to 0.4% on a seasonally adjusted quarter on quarter basis in the third quarter from 0.6% in the second quarter. Adjusted for sporting events—which often disrupt Swiss GDP due to the global sporting organizations headquartered in the country—growth was a weaker 0.2%.
Drivers: Household spending accelerated moderately to 0.5% seasonally-adjusted quarter-on-quarter in the third quarter (Q2: +0.4% s.a. qoq). Government consumption, meanwhile, picked up to a 0.5% expansion in Q3 (Q2: +0.3% s.a. qoq). Fixed investment contracted 0.6% in Q3, marking the worst reading since Q4 2023 (Q2: -0.5% s.a. qoq). On the external front, exports of goods and services slid at a softer pace of 3.2% in Q3 (Q2: -3.6% s.a. qoq). In addition, imports of goods and services declined at a milder rate of 1.1% in Q3 (Q2: -8.7% s.a. qoq).
GDP outlook: Our Consensus is for another modest GDP expansion in Q4, with private spending to be the key driver.
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 36 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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