Swiss GDP Growth Slows in Q4

In the fourth quarter of 2013, Switzerland’s economic growth slowed to 0.2 percent over the previous three-month period, the lowest rate in six quarters, hurt by a fall in exports due to weak global demand for chemical and pharmaceutical products.

Household consumption expenditure increased by 0.7 percent. General government and social security consumption expenditure reported growth of 0.6 percent.

Gross fixed investments rose by 1.5 percent in the 4th quarter of 2013. Investments in equipment as well as investments in construction grew by 1.5 percent respectively. The strong rise in investments in equipment was mainly driven by the subsector “vehicles”. However, investments in IT services and machinery also reported positive growth rates.

Following a marked increase in the 3rd quarter, exports of goods decreased by 1.7 percent, mainly due to a decrease in chemical and pharmaceutical products, whilst the other categories remained almost unchanged. By contrast, imports of goods rose by 1.4 percent in the 4th quarter. 

In the services sector, tourism exports increased by 0.4 percent in the 4th quarter 2013. Imports of tourism services (spending on tourism abroad) also increased in the 4th quarter (+1.0 percent). 

On the production side most of the categories reported a small increase in value-added, with the domestic-orientated sectors such as construction, healthcare and wholesale performing significantly better than the export-orientated sectors such as, in particular, industry but also financial services.

Compared with the same period of 2012, the economy expanded 1.7 percent, down from a revised 2.1 percent in the third quarter. 

Considering full 2013, the GDP advanced 2 percent.

Swiss GDP Growth Slows in Q4

SECO | Joana Taborda |
2/27/2014 11:10:09 AM