| Switzerland’s GDP rose by 0.3% in the 2nd quarter of 2019, after increasing by 0.4% (revised) in the previous quarter.1 The development of domestic and foreign demand was weak, as in other European countries, which had a particularly negative impact on the service sectors. |
Switzerland Gross Domestic Product (GDP) QoQ, Q2 2019(see more posts on Switzerland Gross Domestic Product, ) Source: Investing.com - Click to enlarge |
| Switzerland’s GDP rose by 0.3% in the 2nd quarter of 2019, after increasing by 0.4% (revised) in the previous quarter.1 As in other European countries, growth accelerated. |
Switzerland Gross Domestic Product (GDP) YoY, Q2 2019(see more posts on Switzerland Gross Domestic Product, ) Source: Investing.com - Click to enlarge |
GDP GrowthPrivate consumption (+0.3%) saw slightly below-average growth in the 2nd quarter, supported by expenditure for healthcare, housing and energy. Government consumption (+0.1%) increased only slightly. Investment in construction (–0.1%) provided no impetus, accordingly value added in construction (+0.1%) hardly rose at all. Finally, investment in equipment (–1.0%) recorded a quite substantial decline. Investment in machinery was reduced again in particular, as the uncertain environment is dampening companies’ investment activity. |
Quarter on Quarter Growth Rates ESVG, Q2 2019 Source: bfs.admin.ch - Click to enlarge |
ExportsSlowed by the generally weak domestic demand and slightly decreasing exports of services (–0.2%), significant service sectors lost momentum in the 2nd quarter. Value added in trade (–0.3%) decreased again after an encouraging start to the year. A slight dip in value added was also registered in the business services sector (–0.1%), while accommodation and food services (+2.6%) and the finance sector (+0.7%) made gains |
Year on Year Growth Rates ESVG Source: bfs.admin.ch - Click to enlarge |
Production SideUnlike in other European countries, the industry sector contributed significantly to GDP growth in the 2nd quarter. In manufacturing (+1.3%), value added almost continued the dynamic growth of the previous quarter, with turnover and exports climbing in the chemical and pharmaceutical segment in particular. However, other industry sectors, specifically machinery and metals, reported declining turnover and were thus in line with the recent international development. Exports of goods2 (–0.8%) fell slightly overall. At the same time, imports2 of goods and services also dropped (–0.6%). |
GDP YoY Growth Q2 2019 Source: bfs.admin.ch - Click to enlarge |
Download press release: Gross domestic product in the 2nd quarter 2019
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