Data published by the Federal Statistical Office showed that in the third quarter, the Swiss economy expanded by 1.7%, which represented a slowdown compared to the second quarter (+1.8%). Economists had expected economic growth to slow to 1.6%. Overall, GDP in the third quarter was more than 1% higher than the level of the 4th quarter of 2019.
The data showed that amid the lifting or easing of restrictions related to coronavirus, the largest growth was recorded in the accommodation and food services (+110.6%), as well as in the arts, entertainment and recreation sector (+24.9%). Further recovery was also observed in the transport and communications sector (+4.4%).
Meanwhile, trade recorded a decrease in value added (-3.9%). At the same time, the retail sector showed a drop of 4.1%. As for private consumption, it grew by 2.7% in quarterly terms. Investments in construction increased by only 0.1%, and value added in construction (+0.2%) was subdued. Meanwhile, disruptions in the global supply chain have caused a decline in the production of metal products and vehicles. On the contrary, the chemical and pharmaceutical industries have expanded significantly again. In general, the manufacturing sector recorded an increase of 2.0%.