Swiss economy grows at faster than expected rate in first quarter
30/05/2023 08:00
ZURICH, May 30 (Reuters) - The Swiss economy grew by a
faster than expected rate at the start of the year, the
government said on Tuesday, supported by robust domestic demand
and rising exports.
Economic output, when adjusted for sporting events, grew by
0.5% in the first three months of 2023 compared with the last
quarter of 2022, according to data from the State Secretariat
for Economic Affairs (SECO), which compiled the figures.
The performance was better than the 0.1% growth rate
forecast in a Reuters poll and marked an uptick from the flat
development at the end of 2022.
The Swiss economy grew by 0.9% compared with the same
quarter in 2022. Economists had forecast 0.6% year-on-year
growth.
After a long period of decline, manufacturing showed an
uptick with 0.3% growth quarter on quarter, although the finance
sector - which has been hit by turbulence surrounding the
collapse of Credit Suisse - struggled.
Consumer spending increased by 0.6% in the quarter, while
exports increased by 4%.
"Buoyed by the continued recovery in travel, value added in
the transport and communication sector (+0.7%) and in the
accommodation and food services sector (+1.0%) increased at an
above-average rate," SECO said.
Although consumption of services did well, consumer spending
on goods developed at a more moderate pace, with value added in
retail declining by 0.4%.
The Swiss figures compare favourably with neighbouring
Germany, which last week reported it had entered a recession in
early 2023 after its GDP fell by 0.3% in the first quarter of
the year.
Household spending in Europe's biggest economy fell as
higher inflation weighed on household consumption.
(Reporting by John Revill, Editing by Friederike Heine)
((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))