Swiss economy stagnates, falling exports and industry

By: News Team

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Swiss economy stagnates, falling exports and industry

The Swiss economy did not grow in the fourth quarter of 2022, the government announced on Tuesday, as the “difficult international situation” hit the manufacturing sector and exports.

The 0% growth rate was lower than forecasts and slowed from the 0.2% increase in the third quarter, said the State Secretariat for the Economy (SECO), which compiled the figures.

“While the chemical and pharmaceutical industry, less sensitive to the cycle, recorded new growth (…), the other industrial sectors contracted,” he said.

In figures corrected for major sporting events, gross domestic product (GDP) increased by 0.7% year-on-year in the fourth quarter.

The figures were weaker than expected, as economists polled by Reuters had forecast GDP growth of 0.4 percent quarter-on-quarter and 3.7 percent year-on-year.

GDP for 2022 as a whole, once adjusted for sporting events, rose 2.1%, down from 3.9% in 2021, SECO said. Over the past 20 years, the Swiss economy has grown by an average of 2.1% each year.

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