The Swiss economy shrank 0.5% on quarter in the first three months of 2021, reversing from a downwardly revised 0.1% growth in the previous period and in line with market forecasts. The services sector sank sharply due to the tightening of measures to fight COVID-19. The hotel and catering industry (-30.4%) recorded an even more severe decline than in the previous quarter: restaurants had to remain closed and the possibilities for international travel were very limited. The arts, entertainment and leisure sector (-5.1%) also posted a very negative quarterly result due to the tightening of health measures. The area of ??human health and social activities (-3%) also experienced a negative development, in part due to the postponement of planned interventions. As a result, private consumption has fallen a lot (-3.3%). In contrast, the industry has improved, with manufacturing surging 4.9% and preventing a further decline in GDP. source: State Secretariat for Economic Affairs
GDP Growth Rate in Switzerland averaged 0.43 percent from 1980 until 2021, reaching an all time high of 7.20 percent in the third quarter of 2020 and a record low of -6.80 percent in the second quarter of 2020. This page provides - Switzerland GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Switzerland GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
GDP Growth Rate in Switzerland is expected to be 3.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Switzerland to stand at 1.70 in 12 months time. In the long-term, the Switzerland GDP Growth Rate is projected to trend around 0.80 percent in 2022 and 0.40 percent in 2023, according to our econometric models.