Swiss economic growth flat in Q4 as exports and manufacturing drop
28/02/2023 08:00
ZURICH, Feb 28 (Reuters) - The Swiss economy showed no
growth in the fourth quarter of 2022, the government said on
Tuesday, as a "challenging international situation" hit
manufacturing and exports.
The 0% growth rate missed forecasts and marked a slowdown
from the 0.2% increase in the third quarter, said the State
Secretariat for Economic Affairs (SECO), which complied the
figures.
"While the less cyclically sensitive chemical and
pharmaceutical industry recorded further growth.... the other
industrial sectors contracted," it said.
Adjusted for large sporting events, gross domestic product
(GDP) rose 0.7% year on year in the fourth quarter
The performance was weaker than expected, with economists
polled by Reuters forecasting GDP to rise 0.4%
quarter-on-quarter and 3.7% year on year.
GDP for 2022 as a whole, when adjusted for sporting events,
increased by 2.1%, down from 3.9% in 2021, SECO said. Over the
past 20 years, Switzerland's economy has grown by an average of
2.1% each year.
"While economic performance in 2022 was boosted by the
recovery from the pandemic, at the same time it was held back by
the tense energy situation in Europe and a gloomy international
environment," SECO said.
The government, which previously said it expected the Swiss
economy to grow by 1.0% in 2023 and 1.6% in 2024, is due to give
its latest forecast for 2023 economic growth on March 16.
(Reporting by John Revill
Editing by Mark Potter)
((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))