(25.12.2024) The Swiss economy continues to grow at a steady but moderate pace. Gross domestic product (GDP) rose by 0.2% in the third quarter of 2024, compared to 0.4% in the previous quarter, driven primarily by robust activity in the construction sector (+0.8%).
Growth was further bolstered by a recovery in trade (+1.4%), particularly in retail (+1.0%). Increased spending on food, housing, energy, and healthcare led to a rise in private consumption (+0.5%). Public consumption (+0.5%) and construction investments (+0.9%) also contributed positively.
However, investments in capital goods fell (-1.3%), with declines notably in machinery, vehicles, and IT equipment. Domestic demand recorded only modest growth (+0.2%), while imports of goods and services slightly decreased (-0.4%).
The services sector showed mixed results. Healthcare and social services (+0.5%), public administration (+0.5%), and business services (+0.2%) outperformed the previous quarter. In contrast, hospitality (-1.0%) and financial services (-2.3%) experienced declines. Overall, the tertiary sector expanded by 0.9%.
The industrial sector faced challenges during the quarter. Energy production saw a significant increase (+8.2%), driven by higher electricity output from hydropower plants, but manufacturing value added fell (-1.1%). Exports of goods dropped sharply by 4.1%. Consequently, the contribution of foreign trade to GDP growth was negative in the third quarter of 2024.
Last modification 24.12.2024
