GDP recovery in Q3/2022 in Switzerland below expectations

The Swiss State Secretariat for Economic Affairs (SECO) reported that gross domestic product (GDP) grew 0.2% in the third quarter of 2022, compared with a 0.1% decline in the previous quarter and 0.5% year-on-year growth.

The result was below economists’ expectations, who had expected GDP growth in Switzerland of 0.3% quarter-on-quarter and 1.0% year-on-year.

The domestic economy played an important role in boosting growth this quarter. Consumer spending is picking up, even though inflation remains high, and the accommodation and food service sector is steadily recovering from COVID-19.

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