The Swiss economy shrank 2.6 percent on quarter in the three months to March 2020, the most since records began in 1980 and compared with market consensus of a 2 percent contraction, as economic activity in March was severely restricted due to the coronavirus pandemic and the strict containment measures to contain it. Private consumption tumbled (-3.5 percent vs 0.3 percent in Q4) as well as investment in both equipment and software (-4 percent vs 2.8 percent) and construction (-0.4 percent vs 0.6 percent). Meanwhile, government spending growth was steady at 0.7 percent. At the same time, both exports and imports declined. On the production side, the service sector was particularly affected by business closures and restrictions, with historic declines in trade, accommodation & food services, transport & communications and healthcare sectors. The manufacturing sector reported the sharpest fall since the Swiss franc shock in early 2015.
GDP Growth Rate in Switzerland averaged 0.42 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 -2.60 percent in the first 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 July of 2020.
GDP Growth Rate in Switzerland is expected to be -5.20 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 1.20 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.