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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) 725 722 741 812 819
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

Economic activity bounces back in Q3

Economic activity increased 0.3% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting the 0.1% contraction logged in the second quarter and beating market expectations. The reading also contrasted the 0.1% contraction expected for the Euro area. On an annual basis, economic growth was stable at 0.4% in Q3.

Private consumption growth fell to 0.2% in Q3, marking the weakest expansion since Q1 2021 (Q2: +0.4% s.a. qoq) but still aided by low unemployment and inflation. Public spending rose 0.5% in Q3 (Q2: 0.0% s.a. qoq). Fixed investment fell at a more moderate pace of 0.7% in Q3, following the 2.6% decrease in the previous quarter. Exports of goods and services increased 1.7% on a seasonally adjusted quarterly basis in the third quarter, which contrasted the second quarter's 3.5% contraction. Strong exports of chemicals and pharmaceuticals, which are not very sensitive to the business cycle, likely provided support. In addition, imports of goods and services dropped at a slower pace of 3.6% in Q3 (Q2: -5.8% s.a. qoq).

Our Consensus is for a marginal quarter-on-quarter GDP expansion in Q4; the Swiss economy will continue to benefit from the strong domestic labor market, though soft external goods demand and a likely pullback in government spending will drag on momentum.

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 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.

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