Switzerland GDP Growth Rate1980-2021 Data | 2022-2023 Forecast | Calendar

The economy of Switzerland expanded 1.8% on quarter in the three months to June 2021, rebounding from a downwardly revised 0.4% drop in the previous period, as many coronavirus restrictions were lifted or relaxed. It compares with market forecasts of a 2% growth. The service sector recovered, boosted by the hotel and catering industry (48.9%) as catering establishments have been allowed to gradually reopen and domestic tourism has restarted, although the value created by the sector is still about half of that before the crisis. Other increases were also seen in the art, entertainment and leisure sector (52.9%), trade (4.8%) and transportation (1.9%) while financial services fell 0.7%. Meanwhile, private spending surged 4.1%, public expenditure 5.5% due to extraordinary spending to deal with the pandemic and investment in capital goods 1.6%. Year-on-year, the economy expanded at a record 7.7%, although below forecasts of 9%.

The Swiss economy shrank 0.5% on quarter in the first three months of 2021, reversing from a downwardly revised 0.1% growth in the previous period and in line with market forecasts. The services sector sank sharply due to the tightening of measures to fight COVID-19. The hotel and catering industry (-30.4%) recorded an even more severe decline than in the previous quarter: restaurants had to remain closed and the possibilities for international travel were very limited. The arts, entertainment and leisure sector (-5.1%) also posted a very negative quarterly result due to the tightening of health measures. The area of ??human health and social activities (-3%) also experienced a negative development, in part due to the postponement of planned interventions. As a result, private consumption has fallen a lot (-3.3%). In contrast, the industry has improved, with manufacturing surging 4.9% and preventing a further decline in GDP.

Switzerland's gross domestic product grew by 0.3 percent on quarter in October-December 2020, easing from an upwardly revised 7.6 percent expansion in the previous period and beating market expectations of a flat reading. The economy was again hit by the tightening of the containment measures to curb the spread of a second wave of coronavirus infections at the end of last year. Private consumption contracted considerably (-1.5 percent vs 12.2 percent), as a slump in spending on hospitality and leisure services offset increases in expenditure on food and other goods such as electronics. On the other hand, investment rose, mostly in equipment and software (1.9 percent vs 9.4 percent), and government consumption rebounded firmly (2.3 percent vs -0.1 percent). Net external demand also contributed positively to the GDP as exports fell less than imports. Year-on-year, the economy shrank 1.6 percent. Considering 2020 as a whole, the GDP dropped 2.9 percent.

The Swiss economy grew by 7.2 percent on quarter in the third quarter of 2020, the most since at least 1980, after a historic plunge of 7 percent in the prior three month period, as economic activity recovered from COVID-19 shutdowns. Still, the bounce left the economy about 2 percent smaller than before the pandemic, much less than the gaps seen across major euro-area countries. Private consumption rebounded sharply (11.9 percent vs -8.1 percent in Q2) as well as investment in equipment (8.8 percent vs -10.1 percent). Also, government spending rose 0.2 percent after being flat in the June quarter. Meanwhile, imports grew by 11.2 percent, while exports rose at a softer 6.9 percent. On the production side, there was an upturn in the manufacturing sector. Also, the service sector recovered significantly, supported by hospitality, company-related services, health, and entertainment, recreation.