Tag Archives: Swiss GDP growth

Switzerland’s growth unexpectedly contracted in the third quarter, pushing down our GDP growth forecast. Recent softening in the euro area also casts doubts about the pace of monetary tightening by the SNB.The strong growth enjoyed by the Swiss economy since Q1 2017 came suddenly to an end in Q3 18, when real GDP shrank unexpectedly by 0.2% q-o-q (-0.9% q-o-q annualised). This is much lower than consensus expectations of +0.4% and is down from an average of +0.8% in H1 2018.Details show that...

Switzerland’s growth unexpectedly contracted in the third quarter, pushing down our GDP growth forecast for 2018. Recent softening in the euro area also casts doubts about the pace of monetary tightening by the SNB. The strong growth enjoyed by the Swiss economy since Q1 2017 came suddenly to an end in Q3 18, when real GDP shrank unexpectedly by 0.2% q-o-q (-0.9% q-o-q annualised). This is much lower than consensus...

The latest headline Swiss GDP figures were impressive. According to the State Secretariat for Economic Affairs’ (SECO) quarterly estimates, Swiss real GDP grew by 0.7% q-o-q in Q2 (2.9% q-o-q annualised, 3.4% y-o-y), slightly above our 0.6% projection and consensus (0.5% q-o-q). This was the fifth consecutive quarter with an above average rate. Q1 GDP growth was significantly revised up to 1.0% q-o-q (from 0.6%). Thus,...

Manufacturing and sports events served as boosts to growth, while domestic consumption was a letdown.The latest Swiss GDP figures were impressive. According to the State Secretariat for Economic Affairs’ quarterly estimates, Swiss real GDP grew by 0.7% q-o-q in Q2, slightly above our 0.6% projection and consensus. Average growth in the first half of 2018 was therefore the strongest since 2010. Nevertheless, GDP was again boosted by special factors, namely sports events, which added 0.2...

After posting its fastest growth rate in almost three years in the third quarter, the Swiss economy is set to accelerate in 2018.According to the State Secretariat for Economic Affairs (SECO), Swiss real GDP expanded by 0.6% quarter-on-quarter (q-o-q) in Q3 2017, in line with consensus expectations and our own forecasts. This comes after several quarters of poor performance. As we mentioned in our previous Flash Note, the downturn in previous GDP figures was exacerbated by special...

GDP figures have been considerably revised in the euro area and in Switzerland in the wake of Q2 data, leading to mechanical changes in our growth forecasts for this year.Revisions to GDP figures have been massive in the euro area and in Switzerland following the publication of Q2 GDP data. The resultant changes in our forecasts are mechanical, and do not reflect a change in our growth profile for H2 2017 and beyond.Recent data released by Eurostat have resulted in a further upward revision...

Macroview Although there were positive components in the Q1 GDP report, we are reducing our full-year growth forecast for Switzerland to 0.9% this year Read full report hereGrowth estimates from SECO (the Swiss economic affairs secretariat) released on June 1 suggest that real GDP in Switzerland expanded by 0.1% q-o-q (0.3% q-o-q annualised, 0.7% y-o-y) in Q1, lower than consensus expectations of 0.3% and Q4 2015 growth of 0.4%.But the GDP components were more encouraging than what the...

We examine the SNB monetary assessment statement of March 17 and the Swiss economy. We explain why negative rates may be a “toothless measure” if a central bank wants to weaken a currency. They have rather an inexpected consequence, they slow down GDP growth, in particular for banks and pension funds. The following are the extracts from the monetary policy assessment of Swiss National Bank,  17 March 2016, and my comments.All SNB statements appear in quotes, my comments without quotes....

Investec Switzerland. The Swiss economy returned to growth at the end of last year as it fought off the impact of a currency shock that had threatened to push the country into a recession. Gross domestic product rose 0.4 percent in the three months through December, after contracting 0.1 percent in the prior quarter, the State Secretariat for Economic Affairs in Bern said on Wednesday. That’s the strongest quarter in a year and beats the median economist estimate for a 0.1...