Swiss GDP growth slowed by weaker industry sector
Switzerland’s economy has expanded only slightly in 2024, with growth in the service sector offset by weaker growth in industry.
According to projections on Thursday by the State Secretariat for Economic Affairs (SECO), Swiss gross domestic product (GDP) is likely to have grown by around 0.2% on an adjusted basis in the first quarter of 2024. This means a continuation of the trend of subdued growth seen over the past three quarters, SECO said.
+ Q1 check-up: how is the Swiss economy doing in 2024?
Until now, SECO had published quarterly GDP figures around 60 days after the end of each quarter. Following an “extensive test phase”, a quick production-side estimate, or “flash” GDP, will now also be released 45 days after the end of each quarter. This should help to improve the data for economic monitoring, said SECO.
According to SECO, the flash estimate is based on early-stage information available on the production side of GDP, with basic data that is still incomplete supplemented with forecast values. The complete and updated data available at a later date could still change the result, it emphasised.
The official estimate for the first quarter will be published on May 30.
Adapted from German by DeepL/kp,dos
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