Swiss GDP grew by 0.2% in the 1st quarter according to initial estimate
Published: Thursday, May 16th 2024, 09:40
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The Swiss economy grew slightly at the start of 2024. Growth in the service sector contrasted with weak development in industry.
According to an initial estimate by the State Secretariat for Economic Affairs (Seco), Switzerland's GDP is likely to have grown by around 0.2% on an adjusted basis in the first quarter of 2024. This means that the Swiss economy will continue the subdued development of the last three quarters, Seco stated in a press release on Thursday.
Previously, Seco had published the quarterly GDP figures around 60 days after the end of each quarter. Following an "extensive test phase", a quick production-side estimate ("flash" GDP) will now also be made available around 45 days after the end of the quarter, writes Seco. This innovation should help to improve the data basis for economic monitoring.
According to Seco, the quick estimate is based on the information available at an early stage on the production side of GDP. Basic data that is still incomplete is supplemented with forecast values. The complete and updated data available later could still change the result, it emphasizes. The official estimate for the first quarter will then be published on May 30.
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