Swiss Economy Expands 0.6% QoQ in Q3

Switzerland's GDP grew by 0.6 percent in the third quarter of 2014, up from a revised 0.3 percent expansion in April to June period, boosted by private and public consumption and exports.
SECO l Rida l 12/3/2014 9:13:46 AM
Household consumption expenditure grew 0.6 percent quarter-on-quarter, increasing from a 0.2 percent growth in the preceding quarter. The biggest positive contribution came from healthcare and transport consumption. General government consumption expenditure and social security consumption rose by 0.9 percent after registering a 0.3 percent fall in the second quarter.

Investments in equipment rose by 0.3 percent, slowing from a 0.7 percent growth in the previous quarter and investments in construction increased by 0.8 percent, reversing from a 0.7 percent fall in the June quarter.

Exports of goods (excluding non- monetary gold, valuables and merchanting) increased by 2.8 percent, accelerating from a 0.7 percent increase in the second quarter. The strongest, positive contribution to growth by far came from exports of chemical/pharmaceutical products. Precision tools/watches/jewellery as well as exports of metals and machinery/electronics also showed a positive performance. Sales of vehicles, however, were lower. Exports of services grew 1.1 percent while, in contrast, purchases of services fell by 0.4 percent.

Imports of goods (excluding non-monetary gold and valuables) rose by 1.0 percent, increasing from a 0.7 percent growth in the previous quarter. Positive contributions come in particular from energy imports as well as imports of precision tools/watches/jewellery. The majority of the sectors reported positive growth, with only imports of chemical/pharmaceutical products showing a reduction.

On the production side,  the manufacturing sector as well as healthcare and social security provided the strongest contributions to GDP growth. Healthcare and social security accounted for the largest growth by  2.1 percent, while the catering and hotel sector reported a rise of 1.3 percent. Industry sector (processing industry/manufacture of goods) as well as that of the energy and water supply, removal of environmental pollution sector, also increased by +1.0 percent respectively. Trading (0.0 percent) and financial services (-0.1 percent) in particular recorded no increase in value-added.

Year-on-year, the economy advanced 1.9 percent, after growing  a revised 1.6 percent in the previous quarter.

Swiss Economy Expands 0.6% QoQ in Q3