The Swiss Times - Swiss News in English

The Swiss Economy Has Stagnated in the Second Quarter

The Swiss economy is feeling the international downturn in the economy more and more. In the second quarter, the GDP was stagnant. The growth rate of real gross domestic product (GDP) in the period from April to June 2023 was 0.0 percent compared to the previous quarter, as the State Secretariat for Economic Affairs (SECO) announced on Monday. Even on a sport event-adjusted basis, growth remained unchanged. In the first quarter, the economy had still grown clearly. In particular, the value added in the industry or the processing industry was clearly declining after a positive start to the year (-2.9 percent). On the one hand, the chemical-pharmaceutical industry registered a significant decrease, writes the SECO. On the other hand, the challenging international environment is weighing on the cyclically sensitive industrial sectors such as machinery and metalworking. The construction sector also had to take a hit. Driven by declining construction turnover in all segments of the construction industry, the value added decreased slightly (-0.7%). In contrast, both government consumption (+0.1%) and private consumption (+0.4%) increased. In particular, private consumption expenditures for housing and services were expanded, in particular in the areas of health, as well as catering and accommodation. Together with the further increasing numbers of guests from abroad, this has led to a strong value added growth in the catering industry (+5.2%).nnnnnnnnnnnnnnnnnn


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