Fourth quarter of 2023: Swiss economy grows slightly

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Real gross domestic product (GDP) increased by 0.3 percent in the October-December 2023 period compared to the previous quarter, the State Secretariat for Economic Affairs (Seco) said on Thursday. The local economy also grew by 0.3 percent in the third quarter. The value for the fourth quarter is within estimates. The forecast values ​​of economists surveyed by the AWP news agency were between +0.1 and +0.3 percent.

As Seco notes, individual sectors and usage components have evolved differently. For example, in the manufacturing sector, i.e. in classical industry, value added decreased slightly (-0.1%) after a positive previous quarter. The construction sector also experienced a slight decrease (-0.2%).

Services and gastronomy are increasing

The service sector once again provided significant support to GDP growth. According to Seco, the hospitality sector has achieved a significant increase in value added (+3.5%) as foreign tourism continues to recover.

According to the information, private consumption increased slightly below average (+0.3%), supported by the areas of housing, health, mobility and international travel. Equipment investment fell on a net basis by -2.5 percent.

Provisional growth announced for 2023

For the first time, Seco also presented a (provisional) forecast for GDP development for the full year 2023. Accordingly, GDP, adjusted for seasons, calendar and sports events, increased by 1.3 percent in 2023, after 2.5 percent in the previous year.

According to Seco, the slowdown in growth is linked to normalization after the Corona crisis. In addition, the difficult international environment had a negative impact on economic development. Without adjustments for sporting events, GDP growth will be 0.7 percent in 2023, following 2.6 percent in the previous year. License revenue from larger sporting events that frequently take place in Switzerland is not deducted here. (SDA)

Source :Blick