by Switzerland’s GDP grew by 7.2 % in the 3rd quarter of 2020, after decreasing by a total of 8.6 % in the first half of the year. Domestic demand and parts of the service sector recovered significantly, while international developments had an adverse impact on exports. Switzerland Gross Domestic Product (GDP) QoQ, Q3 2020(see more posts on Switzerland Gross Domestic Product, ) Source: investing.com - Click to enlarge In the 3rd quarter, Switzerland’s GDP grew vigorously, making up around three quarters of the ground lost in the first half of the year. GDP therefore still stands at some 2 % below the precrisis level at the end of 2019. Compared with neighbouring countries, the Swiss economy has made it through the coronavirus crisis relatively unscathed so far.
Topics:
Swiss Statistics considers the following as important: 2) Swiss and European Macro, 2.) Swiss Statistics - Press Releases, Featured, newsletter
This could be interesting, too:
Guillermo Alcala writes USD/CHF slides to test 0.8645 support with US inflation data on tap
Swissinfo writes Swiss central bank posts CHF62.5bn profit
Nachrichten Ticker - www.finanzen.ch writes Trump-Faktor und Marktbedingungen könnten für neuen Bitcoin-Rekord sorgen
Charles Hugh Smith writes Is Social Media Actually “Media,” Or Is It Something Else?
| Switzerland’s GDP grew by 7.2 % in the 3rd quarter of 2020, after decreasing by a total of 8.6 % in the first half of the year. Domestic demand and parts of the service sector recovered significantly, while international developments had an adverse impact on exports. |
Switzerland Gross Domestic Product (GDP) QoQ, Q3 2020(see more posts on Switzerland Gross Domestic Product, ) Source: investing.com - Click to enlarge |
| In the 3rd quarter, Switzerland’s GDP grew vigorously, making up around three quarters of the ground lost in the first half of the year. GDP therefore still stands at some 2 % below the precrisis level at the end of 2019. Compared with neighbouring countries, the Swiss economy has made it through the coronavirus crisis relatively unscathed so far.
Following the gradual easing of the coronavirus measures, private consumption (+11. 9%) recovered significantly in the 3rd quarter, as expected. Various consumer sectors that were unavailable or difficult to access during the lockdown came back on stream. Investment in equipment (+8.8 %) and investment in construction (+5.1 %) also expanded considerably once more. As expected, final domestic demand registered record growth of 8.9%, still falling short of its pre-crisis level at the end of 2019 by around 2%. Imports of goods2 (+11.2 %) and services (+9.9 %) grew substantially in line with this. |
Switzerland Gross Domestic Product (GDP) YoY, Q3 2020(see more posts on Switzerland Gross Domestic Product, ) Source: investing.com - Click to enlarge |
| The strong recovery of domestic demand particularly benefited the parts of the service sector with a domestic focus. For example, value added in retail (+6,0%) rose sharply, partly supported by the relatively low numbers of Swiss people travelling abroad in the summer months, which also benefited wholesale as suppliers. In healthcare and social work (+12.0 %), too, value added climbed significantly, following the resumption of non-urgent treatments.
Clear upturns from the two negative previous quarters were experienced in arts, entertainment and recreation (+61.9 %) and accommodation and food services (+72.9 %). The opening of sports, leisure and cultural facilities and restaurants prompted a jump in value added. Nevertheless, these sectors’ figures came in well below pre-crisis levels. Firstly, certain health policy restrictions remained in place over the summer, such as those concerning major events, and secondly, many foreign tourists stayed away, hitting parts of accommodation and food services hard and contributing to the weak development of exports of services (+1.4 %). Exports of goods3 (+6.9 %) posted a stronger recovery from the negative previous quarter, also bolstering value added in manufacturing (+8.6 %). However, neither value added nor exports of goods came close to reaching the pre-crisis. The industrial sectors that are sensitive to the business cycle remain severely affected by the coronavirus crisis. |
Quarterly figures on GDP - Click to enlarge |
Download press release: Gross domestic product in the 3rd quarter of 2012 – Still 2 % below pre-crisis level
You Might Also Like
Swiss Retail Sales, May 2020: 5.6 percent Nominal and 6.6 percent Real
2020-06-30
Turnover adjusted for sales days and holidays rose in the retail sector by 5.6% in nominal terms in May 2020 compared with the previous year. Seasonally adjusted, nominal turnover rose by 30.2% compared with the previous month.
Swiss Consumer Price Index in August 2020: -0.9 percent YoY, 0.0 percent MoM
2020-09-04
The consumer price index (CPI) remained stable in August 2020 compared with the previous month, reaching 101.2 points (December 2015 = 100). Inflation was –0.9% compared with the same month of the previous year.
Swiss Producer and Import Price Index in August 2020: -3.5 percent YoY, -0.4 percent MoM
2020-09-16
The Producer and Import Price Index fell in August 2020 by 0.4% compared with the previous month, reaching 97.9 points (December 2015 = 100). This decline was due in particular to lower prices for chemical and pharmaceutical products. Compared with August 2019, the price level of the whole range of domestic and imported products fell by 3.5%.
World Data Forum: strong international cooperation for quality data
2020-10-23
22.10.2020 – The United Nations World Data Forum took place from 19 to 21 October 2020 in digital format due to COVID-19. The event brought together several thousand experts to find innovative solutions in order to meet the need for better quality data to implement the 2030 Agenda and to control the pandemic.
Occupational mobility: nearly 20 percent of employed persons left their job between 2018 and 2019
2020-10-22
22.10.2020 – In Switzerland, 19.2% of people who pursued a professional activity left their job between 2018 and 2019. Mobility is particularly strong among young people, people with a fixed-term contract or working in the hotel and restaurant sector.
Swiss Retail Sales, September 2020: 0.3 percent Nominal and 0.3 percent Real
2020-10-30
30.10.2020 – Turnover adjusted for sales days and holidays rose in the retail sector by 0.3% in nominal terms in September 2020 compared with the previous year. Seasonally adjusted, nominal turnover fell by 3.6% compared with the previous month.
Employment in Switzerland continued to fall in 3rd quarter
2020-11-26
26.11.2020 – In the 3rd quarter 2020, total employment (number of jobs) fell by 0.4% in comparison with the same quarter a year earlier (+0.5% with previous quarter). In full-time equivalents, employment in the same period declined by 0.1%. The Swiss economy counted 11 900 fewer vacancies than in the corresponding quarter of the previous year (–15.1%) with the employment outlook indicator also indicating a downward trend (-2.3%).
Swiss Retail Sales, October 2020: 2.6 percent Nominal and 3.1 percent Real
2020-11-30
30.11.2020 – Turnover adjusted for sales days and holidays rose in the retail sector by 2.6% in nominal terms in October 2020 compared with the previous year. Seasonally adjusted, nominal turnover rose by 3.3% compared with the previous month.
Tags: Featured,newsletter