According to the report from the Swiss Federal Statistical Office (FSO), industrial production rose by 7.3% in the second quarter, recording the sharpest increase since the first quarter of 2022, and offsetting a 2% decrease in the first quarter (revised from -3.1%). Economists had expected a 2.9% drop in production. Secondary sector production rose by 6.4% in the second quarter in comparison with the same quarter a year earlier. This was the biggest increase since 3rd quarter 2021. Turnover rose by 4.7%.
The data also showed that in the second quarter, production in the construction sector increased by 0.8% per annum. Production rose by 2.9% in building and by 10.8% in civil engineering. However, specialized construction activities registered a decline of 1.7% in their production.
Meanwhile, industrial turnover grew by 5.4% per annum in the second quarter, while construction turnover rose by 1.6% per annum. Turnover rose by 2.9% in building and by 13.1% in civil engineering, but fell by 0.6% in specialized construction activities.
Yesterday, the FSO said that Swiss gross domestic product growth likely accelerated to 0.5% during the second quarter, boosted by a solid performance from manufacturers. In the first quarter, the economy expanded by 0.3%. Industry was the main contributor to the slightly above-average growth in the April-June period, the FSO said. The services sector also grew overall.