Switzerland’s GDP rises in Q2 ’24

Switzerland’s GDP – adjusted for sporting events – grew by 0.5 per cent in the second quarter of 2024, up from 0.3 per cent in the first quarter, driven by a strong 8.4 per cent expansion in the chemical and pharmaceutical industry.

Value added in manufacturing grew at an above-average pace in the second quarter (+2.6 per cent). Exports of goods showed strong growth overall of 6.9 per cent, while exports of services by 1.5 per cent. In overall, foreign trade proved to be an important pillar of Swiss GDP growth in the second quarter

Conversely, domestic final demand and imports stagnated, with no change recorded. Investment in equipment fell by 1.4 per cent, offset by moderate increases in construction investment (+0.5 per cent) and consumer spending.

The services sector showed mixed results, with accommodation and food services up by 2.7 per cent, while financial services, retail, and trade saw declines.