Gross domestic product in the second quarter of 2024: Swiss economic growth above average
Bern, 03.09.2024 - In the second quarter of 2024, Switzerland's GDP adjusted for sporting events grew by 0.5%, following 0.3% in the previous quarter.*,** This result was slightly above average, driven by the strong expansion of the chemical and pharmaceutical industry. Growth in the other sectors was mixed, reflecting weak domestic demand.
Value added in manufacturing (+2.6%) grew at an above-average pace in the second quarter. The chemical and pharmaceutical industry (+8.4%) recorded strong quarterly growth on the back of dynamic exports. Value added fell in the other industrial sectors, however, mirroring the weak industrial performance seen in other countries in Europe. Exports of goods***(+6.9%) showed strong growth overall, while exports of services**** (+1.5%) also increased slightly. On the whole, foreign trade proved to be an important pillar of GDP growth in the second quarter.
In contrast, domestic final demand (−0.0%) and thus imports***** (−0.0%) of goods and services stagnated. Investment in equipment (−1.4%) declined slightly. Vehicles in particular saw less investment, but so too did machinery and also research and development. This was offset by moderate increases in construction investment (+0.5%) and consumer spending. As with government consumption (+0.2%), growth in private consumption (+0.3%) was also below average. It was supported mainly by spending in housing and healthcare but also in other areas such as restaurants and hotels.
Stagnating domestic demand was reflected in weak growth of value added in services, with considerable differences across the sector. In the accommodation and food services sector (+2.7%), value added increased thanks to a rise in the number of foreign and domestic guests. Health and social care services (+1.1%), business-related services (+0.6%) and public administration (+0.3%) also showed positive growth in value added. The transport and communication sector (−0.0%) stagnated, while moderate declines were recorded in financial services (−0.2%), retail (−0.4%) and trade (−1.2%) overall.
NB:
As every year, in summer 2024 the Federal Statistical Office published its first results on the Annual National Accounts for the previous year and the revised results for the two years prior to that. SECO has integrated the updated data into the Quarterly National Accounts and, where necessary, modified the calculation method.
Further information on GDP in the second quarter and on the annual revision can be found in the autumn 2024 edition of Konjunkturtendenzen (Economic situation in Switzerland) at www.seco.admin.ch/gdp.
**To facilitate cyclical interpretation, this press release provides quarter-on-quarter growth rates in real terms, seasonally adjusted and (where applicable) adjusted for sporting events. The adjustment for sporting events concerns GDP, the 'arts, entertainment and recreation' sector, and service exports and imports. Further information on the adjustment for sporting events can be found at www.seco.admin.ch/gdp under 'Documents'. GDP growth not adjusted for sporting events: +0.7% in the second quarter of 2024 and +0.5% in the first quarter of 2024.
***Goods excluding valuables.
****Not adjusted for sporting events: +1.6%.
*****Excluding valuables.
Address for enquiries
Eric Scheidegger, SECO, Head of the Economic Policy Directorate, Tel. +41 58 462 29 59
Felicitas Kemeny, SECO, Head of Short Term Economic Analyses, Economic Policy Directorate, Tel. +41 58 462 93 25
Fabian Maienfisch, Deputy Head of Communications and Media Spokesperson SECO, tel. +41 58 462 40 20
medien@seco.admin.ch
Publisher
State Secretariat for Economic Affairs
http://www.seco.admin.ch
