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 2024.
Source: Macrobond.
Switzerland GDP Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | -2.3 | 5.6 | 3.1 | 0.7 | 1.3 |
GDP (USD bn) | 742 | 814 | 828 | 895 | 937 |
GDP (EUR bn) | 650 | 689 | 788 | 828 | 866 |
GDP (CHF bn) | 696 | 745 | 791 | 804 | 825 |
Economic Growth (Nominal GDP, ann. var. %) | -3.0 | 7.0 | 6.3 | 1.6 | 2.6 |
Underlying economic momentum remains robust in Q4
GDP reading: GDP growth lost steam in Q4, falling to 0.2% on a seasonally adjusted quarter on quarter basis from 0.4% in the third quarter and marking the softest growth since Q3 2023. That said, adjusted for sporting events—which regularly distort data due to Switzerland being the world headquarters of major sporting organizations—the economy expanded a more respectable 0.5%. This figure was well above the EU average. Economic activity was boosted by monetary policy easing, mild price pressures, and a strong pharma industry. On an annual basis, economic growth was steady at 1.6% in Q4.
Broad-based expansion: Private consumption growth slowed to 0.5% seasonally-adjusted quarter-on-quarter in Q4 from a 0.6% expansion in Q3. Public spending improved to a 0.5% increase in Q4 (Q3: +0.4% s.a. qoq). Meanwhile, fixed investment bounced back, growing 0.8% in Q4, contrasting the 0.6% contraction recorded in the prior quarter. On the external front, exports of goods and services rebounded, growing 7.0% in Q4 (Q3: -2.7% s.a. qoq), buoyed by the pharmaceutical sector. In addition, imports of goods and services growth sped up to 2.8% in Q4 (Q3: +0.2% s.a. qoq).
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 35 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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