Swiss industry on course for recovery in the second quarter
Published: Friday, Aug 16th 2024, 08:50
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After a difficult start to the year, Swiss industry staged a significant recovery in the second quarter. Production rose significantly in the second quarter of the year, and sales also increased.
In the secondary sector of the economy, i.e. in industry and construction, total production rose by 6.4% between April and June compared to the same period last year, as reported by the Federal Statistical Office (FSO) on Friday. In the previous quarter, the strongest decline since the third quarter of 2020 had to be digested; now the strongest increase since the third quarter of 2021 has been achieved. Sales rose by 4.7% in the second quarter.
Production in industry increased by a strong 7.3% compared to the previous year. It rose most significantly in May (+8.6%), but April (+8.0%) and June (+5.6%) were also impressive. Meanwhile, sales also rose by 5.4% over the quarter as a whole, with the increase being most pronounced in April (+8.5%).
Construction industry continues to lag behind
Although the construction sector recovered somewhat, it continues to lag behind industry. Here, production only rose by a comparatively meagre 0.8%. While both building construction (+2.9%) and civil engineering (+10.8%) recorded a decent increase in the quarter under review, production in other construction fell by 1.7%.
Turnover in the construction industry increased by 1.6% overall. The increase was particularly strong in civil engineering (+13.1%), but building construction (+2.9%) also recovered in terms of turnover. Meanwhile, turnover in the other construction sector fell by 0.6%.
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