Switzerland economy grows 0.4% in Q3, matching consensus

Switzerland’s economy has expanded 0.4% quarter-on-quarter in Q3 of 2024, while decelerating from a 0.6% growth in Q2, data by the State Secretariat for Economic Affairs showed.

The latest figure came in line with market consensus.

The nation’s growth was driven by strong performance in sectors such as:

– real estate, professional and technical activities, trade (1.4% growth);
– human health and social work (0.5% growth);
– public administration (0.5% growth).

On the other hand, Swiss manufacturing sector shrank 1.1% quarter-on-quarter in Q3.

On the expenditure side, private consumption grew 0.5% quarter-on-quarter, as did government consumption.

Still, growth was dragged down by net trade, as goods exports shrank 3.9% quarter-on-quarter and imports went down 2.1% quarter-on-quarter.

In annual terms, Switzerland’s economy expanded 2% in Q3, the data showed.

The Swiss Franc was last little changed on the day against the Euro, with the EUR/CHF currency pair trading at 0.9307.