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Climate Change Contributes to Surprise Fall in Swiss GDP

Third quarter Swiss GDP figures released yesterday show Switzerland’s economy shrank compared to the quarter before.

Gigerwaldsee dam Switzerland

©-Tobias-Arhelger-_-Dreamstime.com_ - Click to enlarge

GDP for the quarter to September was down by 0.2% compared to the quarter before, ending an 18-month run of quarterly growth.

The fall in Swiss GDP follows a quarterly slowdown across the rest of Europe, in Germany in particular. A fall in the output of Germany’s automotive sector has had a knock on effect in Switzerland. Swiss manufacturing output, which includes industries reliant on automotive, was down by 0.6% in the third quarter.

Another sector feeling the pinch was energy1, which fell by 2.2% in the third quarter compared to the quarter before. A dry summer cut hydroelectric power generation.

Swiss Meteo expects summer heatwaves like the one this year every 5 to 10 years assuming a middle greenhouse gas emission scenario.

Full story here
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