Swiss economy again grew only slightly in the first quarter
Published: Thursday, May 30th 2024, 09:20
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The Swiss economy grew only slightly in the first quarter of 2024. This continued the below-average growth of recent quarters. The situation in the service sector and private consumption remains solid, while industry is stagnating.
Real gross domestic product (GDP) increased by 0.3% in the period from January to March 2024 compared to the previous quarter, as announced by the State Secretariat for Economic Affairs (Seco) on Thursday. The local economy also grew by 0.3% in both the fourth and third quarters of 2023.
The latest GDP figure does not come as a complete surprise: Seco had already measured a value of 0.2 percent two weeks ago in an initial quick estimate. Based on updated basic data, this figure has now been revised slightly upwards, it says.
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. Without adjustment, GDP growth was slightly higher at 0.5 percent.
Weak industry
According to the Seco figures, value added in the manufacturing sector, i.e. traditional industry, fell slightly in the first quarter. The chemical-pharmaceutical industry, for example, continued the weak development of recent quarters, while value added in the other industrial sectors remained largely stable. The construction sector recorded a slight expansion as a result of rising sales in building construction and civil engineering.
GDP growth was largely supported by the services sector, albeit with a certain degree of heterogeneity between sectors, as Seco emphasizes. While the financial services sector developed rather weakly, value added in the hospitality industry, healthcare and public administration increased significantly. The retail trade also developed very positively, which also explains the growth in private consumption.
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