Switzerland’s GDP expanded by 0.5% in the first quarter of 2024, beating market estimates and the previous period’s 0.3% growth. It marked the fastest economic expansion since the second quarter of 2022, mainly driven by the services sector, particularly the accommodation and food services sector (1.3%), health and social care services (0.8%), and public administration (0.2%). Also, the retail sector grew at an above-average rate of 1.4%. At the same time, the construction industry increased by 0.3%, while the industrial sector stalled, and the manufacturing industry fell (-0.2%). On the expenditure side, private consumption grew by 0.4% due to increased spending on food and non-food items, housing, and healthcare, while general government consumption rose by 0.2%. Net trade contributed negatively to the GDP, as goods exports shrank by 3.3%. On an annual basis, GDP grew by 0.6%, up from a prior 0.5% rise. source: State Secretariat for Economic Affairs
The Gross Domestic Product (GDP) in Switzerland expanded 0.50 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Switzerland averaged 0.44 percent from 1980 until 2024, reaching an all time high of 6.90 percent in the third quarter of 2020 and a record low of -6.60 percent in the second quarter of 2020. This page provides - Switzerland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Switzerland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2024.
The Gross Domestic Product (GDP) in Switzerland expanded 0.50 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Switzerland is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Switzerland GDP Growth Rate is projected to trend around 0.50 percent in 2025 and 0.40 percent in 2026, according to our econometric models.
Switzerland GDP Growth Rate
On the expenditure side, household consumption is the main component of Swiss GDP and accounts for 54 percent of its total, followed by gross fixed capital formation (24 percent) and government expenditure (11 percent). Foreign trade adds 11 percent to GDP as exports account for 64 percent and imports for 53 percent.
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 0.50 | 0.30 | 6.90 | -6.60 | 1980 - 2024 | percent | Quarterly | SA, WDA |
News Stream
Swiss GDP Growth at Almost 2-Year High
Switzerland’s GDP expanded by 0.5% in the first quarter of 2024, beating market estimates and the previous period’s 0.3% growth. It marked the fastest economic expansion since the second quarter of 2022, mainly driven by the services sector, particularly the accommodation and food services sector (1.3%), health and social care services (0.8%), and public administration (0.2%). Also, the retail sector grew at an above-average rate of 1.4%. At the same time, the construction industry increased by 0.3%, while the industrial sector stalled, and the manufacturing industry fell (-0.2%). On the expenditure side, private consumption grew by 0.4% due to increased spending on food and non-food items, housing, and healthcare, while general government consumption rose by 0.2%. Net trade contributed negatively to the GDP, as goods exports shrank by 3.3%. On an annual basis, GDP grew by 0.6%, up from a prior 0.5% rise.
2024-05-30
Swiss GDP Grows More than Expected in Q4
Switzerland's GDP grew by 0.3% in the final quarter of 2023, exceeding expectations of 0.1%. The manufacturing sector saw a slight decline of 0.1%, largely due to the chemical and pharmaceutical industry's 2.3% drop in exports. However, other industrial sectors rebounded after two negative quarters, with the energy sector increasing by 4.3%, driven by hydropower plants. The services sector also contributed significantly to GDP growth, with accommodation and food services expanding by 3.5% and health and social care services by 1.4%. Financial services saw a strong growth of 1.0% due to increased commission business. Private consumption grew slightly below average, while investments in equipment and construction saw declines. On an annual basis, GDP grew by 0.6%, and for the full year of 2023, the Swiss economy expanded by 0.8%.
2024-02-29
Switzerland GDP Growth Tops Forecasts
The Swiss economy expanded 0.3% on quarter in Q3 2023, rebounding from a revised 0.1% fall in Q2 and beating forecasts of a 0.1% rise. The services sector was the main driver of growth, namely health and social care services (0.7% vs 0.8% in Q2), trade (1.1% vs 1.9%) and transport and communication (0.3%) while business-related services edged 0.1% lower (vs 0.6%) and the accommodation and food services fell 3.7% (vs 8.2%). Meanwhile, the manufacturing sector stalled, after a 2.8% drop in Q2, with the output in chemical and pharmaceutical rising 1.2%. On the expenditure side, exports saw a strong 6.2% rise (vs -2.7%), supported by merchanting and imports rose 1.5%, after a 6.7% drop. Also, construction investment rebounded (0.2% vs -0.9%) and public expenditure accelerated (0.5% vs flat reading). Also, household spending grew only modestly (0.2% vs 0.4%) and investment in equipment and software fell less (-1.1% vs -3.4%). Year-on-year, the economy rose 0.3%.
2023-12-01
