The Federal Statistical Office (FSO) reported that Switzerland’s gross
domestic product (GDP) grew 0.7 per cent q-o-q in the second quarter of 2024,
following a 0.5 per cent q-o-q expansion in the previous quarter. This marked
the strongest expansion since the second quarter of 2022 (+0.9 per cent q-o-q).
Economists had forecast a 0.5 per cent q-o-q increase.
The Swiss economy’s second-quarter advance reflected increases in
the accommodation and food (+2.7 per cent q-o-q), manufacturing (+2.6 per cent
q-o-q), health, social activities (+1.1 per cent q-o-q), business services (+0.6
per cent q-o-q), public administration (+0.3 per cent q-o-q), construction
(+0.1 per cent q-o-q), and finance and insurance (+0.1 per cent q-o-q) industries
that were offset by declines in the trade (-1.2 per cent q-o-q), arts,
entertainment, recreation (-0.3 per cent q-o-q), and other (-0.3 per cent
q-o-q) sectors.
From an expenditure perspective, private consumption (+0.3 per cent
q-o-q), government consumption (+0.2 per cent q-o-q), exports of goods (+6.9
per cent q-o-q), exports of services (+1.5 per cent q-o-q), and construction
investment (+0.5 per cent q-o-q) went up, while equipment and software investment
(-1.4 per cent q-o-q) dropped. Imports, which are a subtraction in the
calculation of GDP, fell for goods (-0.7 per cent q-o-q) but rose for services
(+0.9 per cent q-o-q).
Compared to the second quarter of 2023, GDP surged 1.8 per cent, quickening
from a 0.6 per cent gain in the first quarter. This represented the strongest
annual rise since the second quarter of 2022 (+3.2 per cent y-o-y).