Swiss housing on the lake with mountains in switzerland

Switzerland GDP

Switzerland GDP

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 2013 to 2022.
Source: Swiss State Secretariat for Economic Affairs (SECO).

Switzerland GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.9 1.2 -2.3 5.4 2.7
GDP (USD bn) 725 722 741 812 818
GDP (EUR bn) 615 645 650 687 779
GDP (CHF bn) 710 717 696 742 782
Economic Growth (Nominal GDP, ann. var. %) 3.7 1.1 -3.0 6.7 5.3

GDP flatlines in the second quarter

GDP was stable in Q2 relative to Q1 on a seasonally adjusted quarter-on-quarter basis (Q1: +0.3% s.a. qoq), undershooting market expectations. On an annual basis, economic growth lost steam, cooling to 0.6% in Q2, following the previous quarter's 1.4% growth. Q2's reading marked the worst reading since Q1 2021. Higher domestic interest rates and soft external goods demand weighed on the economy in the second quarter. The sequential downturn was broad-based, with private consumption, public spending, fixed investment and exports all weakening. Household spending growth fell to 0.4% in Q2, marking the weakest expansion since Q4 2021 (Q1: +0.6% s.a. qoq). That said, the expansion was still robust, supported by mild price pressures and rock-bottom unemployment. Public consumption growth eased to 0.1% in Q2 (Q1: +0.4% s.a. qoq). Meanwhile, fixed investment contracted 2.8% in Q2 (Q1: +1.6% s.a. qoq), due to lower investment in construction and fixed assets and software. Exports of goods and services fell 2.5% on a seasonally adjusted quarterly basis in the second quarter, which contrasted the first quarter's 1.8% expansion. Falling goods exports more than offset rising services exports. In addition, imports of goods and services deteriorated, contracting 7.0% in Q2 (Q1: +3.4% s.a. qoq). Looking ahead, our panelists expect a slight quarter-on-quarter expansion in GDP in Q3, though the economy will continue to be restrained by past interest rate hikes and muted export demand. On the reading and outlook, ING’s Charlotte de Montpellier said: “While the Swiss economy has largely outperformed its European neighbours since the pandemic (Swiss GDP has risen by 5.6% since the end of 2019, compared with 3.1% for the eurozone), it now seems to have been caught up by major headwinds, namely the global economic slowdown and interest rate rises. It is only the strength of the service sector caused by the post-pandemic recovery, and in particular tourism, that has enabled Switzerland to avoid a contraction in GDP in the second quarter. The Swiss economy is likely to remain sluggish over the next few quarters.”

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 34 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.

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