Swiss GDP grew below average in the third quarter
Published: Friday, Nov 29th 2024, 10:10
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The Swiss economy grew at a below-average rate in the third quarter of 2024. Industry in particular weakened.
Real gross domestic product (GDP) increased by 0.2% on an adjusted basis in the period from July to September 2024 compared to the previous quarter, as announced by the State Secretariat for Economic Affairs (Seco) on Friday. In the two previous quarters, growth was 0.4% and 0.1% respectively, although both figures were revised slightly downwards.
The latest GDP figure does not come as a complete surprise: Seco had already measured a figure of 0.2 percent two weeks ago in an initial quick estimate, which is the same as the official figure.
The figure is adjusted for sporting events. It is well known that the Olympic Games and major football events distort Swiss GDP due to the licensing income received by the sports associations based in Switzerland. Unadjusted, GDP growth was slightly stronger at 0.4 percent.
Significant declines in some cases
According to Seco, growth in the third quarter was supported by parts of the service sector, construction and consumption. By contrast, exports of goods and value added in the manufacturing sector, i.e. in traditional industry, declined.
The chemical-pharmaceutical industry, for example, hardly grew at all after a strong previous quarter, while the other industrial sectors even recorded significant declines, according to the report.
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