Swiss economic growth slowed in 2024

Switzerland's economic growth slowed last year Keystone-SDA

Switzerland recorded a slowdown in economic growth in 2024, particularly in the service sector, due to the poor performance of its main trading partners.

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In 2024, Switzerland’s gross domestic product (GDP), adjusted for seasonal variations and sporting events, grew 0.8%, after +1.2% the previous year, according to State Secretariat for Economic Affairs (Seco) provisional data. This rate is well below the average annual growth rate of 1.8% since 1981.

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The industrial sector reported moderate growth overall, driven largely by the Swiss pharmaceuticals industry, while the service sector posted below-average growth by historical standards.

In the fourth quarter, from October to the end of December, Swiss economic output is nevertheless expected to have risen by 0.4%, compared with 0.2% in the previous quarter, according to Seco’s flash estimate of Swiss quarterly real GDP. The industrial and service sectors all contributed.

Economists surveyed by AWP had anticipated growth of between 0.1% and 0.4% in Q4. The published data, still incomplete, will be updated on February 27, which could alter the results.

Translated from French by DeepL/mga

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