MIL-OSI Translation: Gross domestic product in Q4 2023: Swiss economy grows moderately again

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MIL OSI Translation. Government of the Republic of France statements from French to English –

Source: Switzerland – Department of Foreign Affairs in French

State Secretariat for Economic Affairs

Bern, 29.02.2024 – Switzerland’s GDP adjusted for sporting events rose moderately in Q4 2023 (+0.3%), continuing to grow at the same below-average rate as in the previous quarter (also +0.3%)*. The different branches and components of expenditure showed uneven trends.

Value creation in the manufacturing industry (-0.1%) fell slightly after a positive previous quarter. As a result of the fall in exports, the chemical and pharmaceutical industry (-2.3%) contributed significantly to the negative result. By contrast, the other industrial branches returned to growth after two negative quarters. In addition, the energy sector saw an increase in value added (+4.3%), thanks in particular to higher electricity production from hydroelectric power stations.

The service sector once again provided significant support for GDP growth. With foreign tourism continuing to recover, value added in the hotel and catering sector (+3.5%) rose sharply. The transport and communications sector (+0.4%) also benefited from increased travel. Growth rates were also above average in business services (+0.3%), health and social services (+1.4%) and public administration (+0.7%). A sharp rise in commission transactions enabled financial services (+1.0%) to return to substantial growth after several sluggish quarters. Exports of services** (+0.7%) and goods*** (+0.5%) rose moderately.

Final domestic demand (-0.3%) fell back slightly again in Q4, mainly due to a significant decline in capital goods investment (-2.5%), which was broadly shared across all categories. Investment in construction (-0.3%) also declined, resulting in a fall in value added in the construction sector (-0.2%). Private consumption, driven by the housing, health, mobility and foreign travel sectors, grew at a slightly below-average rate (+0.3%). On the other hand, spending on food and non-food products was down in the retail sector. Value added declined in the 4th quarter in retail (-0.3%) and trade (-1.0%). Like domestic demand, imports**** of goods and services grew slightly (+0.7%), adjusted for sporting events.First results for 2023According to the provisional results available, GDP grew by 1.3% in 2023, compared with 2.5% in the previous year (adjusted for seasonal variations, calendar effects and the effects of sporting events). The slowdown in growth is linked to the normalization following the coronavirus crisis. In addition, the difficult international environment weighed on economic trends.

Excluding the impact of sporting events, GDP growth will be 0.8% in 2023, compared with 2.7% the previous year*****.

NotesThe Swiss National Bank has switched to a new current account survey for Q1 2023******. It is possible that the current data for Q4 will be revised later to a greater extent than usual. Current account data are used in the calculation of national accounts at several levels. Consequently, the figures may be subject to larger-than-usual revisions in future quarters.

Further information on Q4 GDP can be found in the Spring 2024 Economic Trends at

*In order to facilitate interpretation of the economic situation, this press release presents quarter-on-quarter growth rates for real, seasonally-adjusted data and, where applicable, sporting events. The effects of sporting events are reflected in GDP, the arts, entertainment and recreation sector, and exports and imports of services. More information can be found at under the “Documents” tab. GDP growth unadjusted for sporting events: +0.3% in Q4 2023 vs. +0.3% in Q3 2023.**Value unadjusted for sporting events: +1.7%.***Excluding valuables.****Excluding valuables. Excluding the impact of sporting events, imports of goods and services rose by 0.7% in Q4.*****Further information on the impact of international sporting events on Switzerland’s GDP is available at******

Address for questions

Eric Scheidegger, SECO, Head of Economic Policy Division, +41 58 462 29 59Felicitas Kemeny, SECO, Head of Business Conditions Division, Economic Policy Division, +41 58 462 93 25

Antje Baertschi, Head of Communications and SECO Spokesperson, tel. +41 58 463 52 75


State Secretariat for Economic Affairs

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

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