Swiss growth slows as export woes hit struggling industry

by Bloomberg May 16, 2024

Swiss economic growth unexpectedly slowed at the start of the year as weak international demand weighed on exporters, according to a first government estimate.

Gross domestic product — adjusted for large sports events — increased 0.2% compared to the previous quarter, the State Secretariat for Economic Affairs said on Thursday. Economists in a Bloomberg survey had expected momentum of 0.3% to be maintained.

While exports are weighing on Swiss manufacturing, low unemployment is bolstering consumption, particularly in services. Economists at UBS noted earlier this week that the country is in an “industrial recession,” citing the local purchasing managers’ index, which has been below the growth threshold for more than a year.

Switzerland’s growth figures are typically published 60 days after the end of a quarter. To match international peers’ earlier publication schedules, the SECO now provides a so-called flash GDP number. That means a first estimate will always be available at the 45-day mark.

The final data for the first quarter are due May 30.

Bloomberg

{afn_job_title}

Similar Stories

United States and Norway issue innovative report creating greater transparency in critical mineral supply chains

Today, the U.S. Department of Commerce and the Norwegian Ministry of Trade, Industry, and Fisheries issued a thorough, innovative report presenting our shared understanding of non-market policies and practices (NMPPs)…

View Article

December CNBC/NRF retail monitor results show strong growth boosted by final Thanksgiving weekend days

Retail sales jumped strongly in December, boosted in part by two busy holiday shopping days during Thanksgiving weekend falling in the final month of the year, according to the CNBC/NRF…

View Article