Swiss GDP growth jumps in 2021

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Switzerland’s Gross domestic product (GDP) grew 4.2% in 2021, according to recently released data by Switzerland’s Federal Statistical Office (FSO). The increase follows a decrease of -2.4% in 2020, a year marking the beginning of the Covid-19 pandemic.

Thanks to this upswing, GDP in 2021 was above the level of 2019, although some areas of the Swiss economy, such as hospitality, continued to suffer from the pandemic. Gross National Income (GNI) at current prices increased by 5.4%.

Switzerland’s trade surplus rose sharply and was well above its pre-Covid level in 2021. Foreign trade grew, with exports significantly outpacing imports. Goods exports rose significantly more (+11.5%) than imports (+4.7%). Chemical and pharmaceutical products (+29%) were the main driver of the surplus. Growth in financial services (+5.2%) also added to Switzerland’s overall GDP growth for the year.

In addition, Switzerland’s services trade deficit shrank significantly (-40%) in 2021.

More on this:
FSO press release (in French) – Take a 5 minute French test now

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About Investec

Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. Investec’s strategic goals are motivated by the desire to develop an efficient and integrated business on an international scale through the active pursuit of clearly established core competencies in the group’s principal business areas.

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