Swiss economy grew in all cantons in 2022
Published: Monday, Oct 28th 2024, 11:50
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The economies of all Swiss cantons grew in 2022, but the differences were quite marked. Gross domestic product (GDP) developed most strongly in the cantons of Jura and Neuchâtel, with the canton of Vaud at the bottom.
In 2022, GDP in Switzerland increased by 3.0% at the previous year's prices. The main drivers here were the manufacturing industry and the energy sector. In contrast, the financial sector, building construction and wholesale recorded a decline.
The range in the individual cantons was very wide, as the Federal Statistical Office (FSO) revealed in an analysis published on Monday. According to the FSO figures, GDP growth was between +0.1% and +7.8%, reflecting the very different regional economic structures.
The top performer in 2022 was the canton of Jura, thanks to the upturn in industry. The neighboring canton of Neuchâtel also recorded strong growth of 5.8%. There, the positive development in the manufacture of data processing equipment, electronic and optical products boosted the economy.
Valais (+5.2%), Graubünden (+4.9%), Ticino (+4.7%) and the canton of Lucerne (+4.6%) also experienced an upturn. In Valais, Graubünden and Ticino, this was primarily due to positive developments in the energy supply and tourism sectors, according to the FSO. In Ticino, manufacturers of data processing equipment, electronic and optical products also contributed to the increase.
In contrast, the cantons of Glarus (+1.8%), Basel-Stadt (+1.6%), Aargau (+1.6%), Basel-Landschaft (+0.8%) and Vaud (+0.1%) recorded rather modest growth rates in 2022. In Northwestern Switzerland, growth in the chemical and pharmaceutical industries weakened, while in Glarus the industrial and financial sectors faltered.
Zurich as an economic engine
Only the canton of Zurich (+3.8%) was in mid-table, but with a contribution of 0.8 percentage points to Switzerland's overall growth of 3.0%, it has regained its role as an economic driver. The cantons of Bern and Geneva follow in second and third place in this FSO list, each contributing 0.3 percentage points to overall growth. Their GDP growth in 2022 was 2.5% and 4.1% respectively.
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