2024-09-06 06:13:26
Summary of the SECO Newsletter published on 3 September 2024 on “Gross domestic product in the 2nd quarter of 2024: the Swiss economy shows above-average growth”
GDP growth in the 2nd quarter of 2024
Table of Contents
Table of Contents
Switzerland‘s Gross Domestic Product (GDP) grew by 0.5% in the second quarter of 2024, slightly up from the previous growth of 0.3%. This increase is mainly attributed to a vigorous expansion in the chemical and pharmaceutical sectors, which contributed significantly to the economic momentum.
Performance by sector
Manufacturing as a whole grew by 2.6%, while merchandise exports increased by 6.9%. However, domestic demand remained stagnant, leading to mixed performance in other sectors. Investment in capital goods declined by 1.4%, while the construction sector posted a slight increase of 0.5%.
Consumption and services
The stagnation of domestic demand has had an impact on services, with little progress in value creation in this sector. However, areas such as hospitality and healthcare have shown positive growth. In contrast, financial services and retail have recorded declines.
Background and forecasts
The first results of the national accounts for the previous year have been published, incorporating updated data. SECO expects that the dynamics of the Swiss economy will continue to be subject to fluctuations, in response to global economic conditions.
Access to information
For further details on GDP and economic trends, those interested can consult the SECO website.
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Switzerland GDP growth 2024
Switzerland’s Economy Shows Above-Average Growth in the 2nd Quarter of 2024
According to the latest report by the State Secretariat for Economic Affairs (SECO), Switzerland’s Gross Domestic Product (GDP) grew by 0.5% in the second quarter of 2024, a slight increase from the previous growth of 0.3%. This positive growth is attributed to a vigorous expansion in the chemical and pharmaceutical sectors, which contributed significantly to the economic momentum [[3]].
Sector Performance
The manufacturing sector as a whole grew by 2.6%, while merchandise exports increased by 6.9%. However, domestic demand remained stagnant, leading to mixed performance in other sectors. Investment in capital goods declined by 1.4%, while the construction sector posted a slight increase of 0.5%. The stagnation of domestic demand has also had an impact on services, with little progress in value creation in this sector. However, areas such as hospitality and healthcare have shown positive growth, while financial services and retail have recorded declines.
Background and Forecasts
The first results of the national accounts for the previous year have been published, incorporating updated data. SECO expects that the dynamics of the Swiss economy will continue to be subject to fluctuations, in response to global economic conditions. In fact, the Federal Government Expert Group on Business Cycles has predicted that Switzerland’s economic growth in 2024 will come in well below average [[1]].
GDP Growth Expectations
Despite the above-average growth in the second quarter, the GDP growth rate in Switzerland is expected to slow down in the coming years. According to Statista, the GDP growth rate in Switzerland is expected to be around 0.76% in 2023, and is expected to remain low in the coming years [[2]].
Boost from European Exports
However, there is some good news for the Swiss economy. Exports of goods and services (excluding valuables) are expected to grow by 2.9% in 2024 and 2.7% in 2025, which will provide a boost to the economy [[3]]. This growth in exports is expected to be driven by the European market, which is a significant trading partner for Switzerland.
Access to Information
For further details on GDP and economic trends, those interested can consult the SECO website. The website provides detailed information on the national accounts, GDP growth, and economic forecasts.
while Switzerland’s economy has shown above-average growth in the second quarter of 2024, the growth rate is expected to slow down in the coming years. However, the growth in exports, driven by the European market, is expected to provide a boost to the economy. As the economy continues to fluctuate in response to global economic conditions, it is essential to stay informed about the latest trends and forecasts.
References:
[1] Federal Government Expert Group on Business Cycles
[2] Statista – GDP growth in Switzerland
[3] Swissinfo – Swiss economy gets a boost from Europe
Switzerland GDP growth 2024
Switzerland’s GDP Growth in the 2nd Quarter of 2024: Above-Average Performance
The State Secretariat for Economic Affairs (SECO) recently published a newsletter on September 3, 2024, highlighting the growth of Switzerland’s Gross Domestic Product (GDP) in the second quarter of 2024. According to the report, Switzerland’s GDP grew by 0.5% in the second quarter, slightly up from the previous growth of 0.3% [[3]]. This increase is mainly attributed to a vigorous expansion in the chemical and pharmaceutical sectors, which contributed significantly to the economic momentum.
Performance by Sector
The manufacturing sector as a whole grew by 2.6%, while merchandise exports increased by 6.9%. However, domestic demand remained stagnant, leading to mixed performance in other sectors. Investment in capital goods declined by 1.4%, while the construction sector posted a slight increase of 0.5%. The manufacturing sector’s growth was driven by the chemical and pharmaceutical industries, which saw significant increases in production.
Consumption and Services
The stagnation of domestic demand has had an impact on services, with little progress in value creation in this sector. However, areas such as hospitality and healthcare have shown positive growth. In contrast, financial services and retail have recorded declines. The services sector’s growth was hindered by the sluggish domestic demand, which affected the overall performance of the sector.
Background and Forecasts
The first results of the national accounts for the previous year have been published, incorporating updated data. SECO expects that the dynamics of the Swiss economy will continue to be subject to fluctuations, in response to global economic conditions. The Swiss economy is closely tied to the global economy, and any changes in the global economic landscape can have a significant impact on Switzerland’s economy.
Access to Information
The SECO newsletter provides valuable insights into the performance of the Swiss economy. The data and information presented in the newsletter are essential for businesses, policymakers, and individuals looking to understand the current state of the economy and make informed decisions.
Switzerland GDP Growth 2024
According to the World Bank, Switzerland’s GDP growth rate is expected to remain steady in 2024, with a growth rate of 0.76% compared to the previous year [[2]]. The growth rate is expected to be driven by the chemical and pharmaceutical industries, which are expected to continue their vigorous expansion.
Switzerland’s GDP growth in the second quarter of 2024 was above average, driven by the chemical and pharmaceutical industries. The manufacturing sector saw significant growth, while the services sector was affected by sluggish domestic demand. The SECO newsletter provides valuable insights into the performance of the Swiss economy, and the data and information presented are essential for businesses, policymakers, and individuals.
References:
