GDP: growth continues but slows in Q2

People facing forward in a room.

(21.09.2022) Post-pandemic recovery continued in Q2 2022 thanks to an increase in consumption and production. The country's gross domestic product (GDP) grew by 0.3%, signaling a slight slowdown compared to the first quarter of 2022 (+0.5%), according to the Federal Statistical Office (FSO).

The strongest growth came from the accommodation and food services sector which attained 12.4% growth in the second quarter, notably due to the return of international tourism and foreign travelers from Europe and the United States. However, this figure is still around 10% below pre-crisis levels. On the transport and communications side, the return of increased mobility among the population also contributed to a 4.4% positive trend, which is a 3% increase compared to its pre-pandemic level.

Although arts, entertainment and recreation closed the quarter with a 1.4% increase, growth in this sector appeared to be slowing significantly from the particularly high level achieved in Q1 (+31.4%) and is still 17% below pre-crisis figures. For its part, the health and welfare sector maintained a stable trajectory, recording a performance of +1.2%, a figure identical to that observed in the first quarter.

Nonetheless, some sectors declined in output in Q2 2022. Affected by developments in food retailing and wholesaling, trade declined by 2.1%. Construction remained on its downward trajectory with a decline of 1.7%, while manufacturing, which was hit by the falling exports of the chemical and pharmaceutical industry, contracted by 0.5%.

Boosted by the lifting of the latest health restrictions, private consumption rose by 1.4% quarter-on-quarter, while investment in equipment rose again (+2.6%) after a significant decline in the first quarter (-4.5%).


Last modification 21.09.2022

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