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After a slight decline in the spring, the Swiss economy regained momentum in the summer months. In the third quarter, real gross domestic product (GDP) increased by 0.3 percent compared to the previous quarter.
Even on a sporting events-adjusted basis, GDP growth stood at 0.3 percent, the State Secretariat for Economic Affairs (Seco) said on Friday. However, Seco describes this growth as “below average”. The Swiss economy shrank slightly by 0.1 percent in the second quarter.
The service sector has once again proven to be the mainstay of the local economy.
This is what the situation looked like in individual sectors
After a negative previous quarter, manufacturing sector value added (-0.0 percent) did not fall further. The chemical-pharmaceutical industry grew by 1.2 percent, while industrial sectors such as mechanical engineering and metal construction developed poorly.
Service sectors developed differently. Value added increased in health and social services (+0.7 percent) and trade (+1.1 percent). Driving forces also came from the transport and communications sector (+0.3 percent). In contrast, business-related services (-0.1 percent) and the accommodation sector (-3.7 percent) experienced declines.
Public consumption (+0.5 percent) was the only domestic demand component that recorded significant growth in line with the historical average. However, private consumption (+0.2 percent) increased only modestly. In particular, heating needs have decreased significantly due to the warmest September since measurements began.
Other consumption areas developed heterogeneously. Construction investment (+0.2 percent) was weak; Value added in the construction sector (-0.3 percent) fell slightly due to lower sales in building construction. Equipment investment (-1.1 percent) fell for the second consecutive quarter. Although investment in research and development, electronic products and vehicles increased, there was less investment in most other categories. (SDA/rae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
