Notizie economiche
03.09.2024

Switzerland’s economy expands more than forecast in Q2

The Federal Statistical Office (FSO) reported that Switzerland’s gross domestic product (GDP) grew 0.7 per cent q-o-q in the second quarter of 2024, following a 0.5 per cent q-o-q expansion in the previous quarter. This marked the strongest expansion since the second quarter of 2022 (+0.9 per cent q-o-q).

Economists had forecast a 0.5 per cent q-o-q increase.

The Swiss economy’s second-quarter advance reflected increases in the accommodation and food (+2.7 per cent q-o-q), manufacturing (+2.6 per cent q-o-q), health, social activities (+1.1 per cent q-o-q), business services (+0.6 per cent q-o-q), public administration (+0.3 per cent q-o-q), construction (+0.1 per cent q-o-q), and finance and insurance (+0.1 per cent q-o-q) industries that were offset by declines in the trade (-1.2 per cent q-o-q), arts, entertainment, recreation (-0.3 per cent q-o-q), and other (-0.3 per cent q-o-q) sectors.

From an expenditure perspective, private consumption (+0.3 per cent q-o-q), government consumption (+0.2 per cent q-o-q), exports of goods (+6.9 per cent q-o-q), exports of services (+1.5 per cent q-o-q), and construction investment (+0.5 per cent q-o-q) went up, while equipment and software investment (-1.4 per cent q-o-q) dropped. Imports, which are a subtraction in the calculation of GDP, fell for goods (-0.7 per cent q-o-q) but rose for services (+0.9 per cent q-o-q).

Compared to the second quarter of 2023, GDP surged 1.8 per cent, quickening from a 0.6 per cent gain in the first quarter. This represented the strongest annual rise since the second quarter of 2022 (+3.2 per cent y-o-y).

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