The Swiss GDP shrank 7.3 percent on quarter in the three months to June 2020, the most since comparable records began in 1980, as the economy was severely hit by measures taken to contain the spread of COVID-19, revised figures showed at the end of September. Preliminary estimates released in August had pointed to a steeper 8.2 percent contraction. Private consumption tumbled 8.1 percent (vs -4.0 percent in Q1) as well as investment in both equipment and software (-10.0 percent vs -5.2 percent) and construction (-4.3 percent vs 0.3 percent). At the same time, exports and imports fell sharply, while government spending growth stalled. On the production side, the service sector was particularly affected by business closures and restrictions, with sizable declines in accommodation & food services, transport & communications, healthcare, business-related services and trade. Also, the manufacturing sector collapsed led by machinery & metals, as well as precision instruments and watchmaking.
GDP Growth Rate in Switzerland averaged 0.39 percent from 1980 until 2020, reaching an all time high of 2.40 percent in the fourth quarter of 1999 and a record low of -7.30 percent in the second quarter of 2020. This page provides - Switzerland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Switzerland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.
GDP Growth Rate in Switzerland is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Switzerland to stand at 0.60 in 12 months time. In the long-term, the Switzerland GDP Growth Rate is projected to trend around 0.50 percent in 2021 and 0.40 percent in 2022, according to our econometric models.