Swiss economy grew moderately in the fourth quarter
Published: Thursday, Feb 29th 2024, 09:30
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The Swiss economy grew only slightly in the fourth quarter of 2023. This continued the below-average growth of the previous quarter.
Real gross domestic product (GDP) increased by 0.3% in the period from October to December 2023 compared to the previous quarter, as announced by the State Secretariat for Economic Affairs (Seco) on Thursday. In the third quarter, the local economy also grew by 0.3%. The figure for the fourth quarter is in line with estimates. Economists surveyed by the news agency AWP had forecast values of +0.1 to +0.3 percent.
The individual sectors and usage components developed differently, as Seco writes. For example, value added in the manufacturing sector, i.e. traditional industry, fell slightly (-0.1%) after a positive previous quarter. The construction industry also declined slightly (-0.2%).
The service sector, on the other hand, once again provided significant support for GDP growth. As foreign tourism continued to recover, the hospitality industry, for example, achieved a significant increase in value added (+3.5%), according to Seco.
According to the figures, private consumption grew slightly below average (+0.3%), supported by the areas of housing, healthcare, mobility and foreign travel. Investment in equipment was clearly down at -2.5%.
Significantly slower growth in 2023 as a whole
For the first time, Seco has also provided a (provisional) estimate of GDP growth for 2023 as a whole. According to this, GDP adjusted for seasonal, calendar and sporting events grew by 1.3% in 2023 after 2.5% in the previous year.
According to Seco, the slowdown in growth is related to the normalization in the wake of the coronavirus crisis. In addition, the challenging international environment has weighed on economic development. Not adjusted for sporting events, GDP growth for 2023 is 0.7% after 2.6% in the previous year. License income for major sporting events, which is often generated in Switzerland, is not taken into account here.
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