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Gross Domestic Product in 3rd quarter 2010

Bern, 02.12.2010 - In the 3rd quarter of 2010, gross domestic product (GDP) experienced a real increase of 0.7% compared to the previous quarter*. GDP growth was particularly spurred by domestic demand. Foreign trade has considerably diminished GDP development, especially when including the services sector. Compared to the 3rd quarter 2009, real GDP went up by 3.0%.

Private consumption in the 3rd quarter experienced a real growth of 0.3% compared to the previous quarter. With the exception of the health care sector, all sectors of private consumption have developed positively. State consumption went up by 0.4%, as well.

Compared to the 2nd quarter 2010, gross investment in plant and equipment grew by 0.6% while equipment investment increased somewhat stronger than building investment. It was especially in the software sector that investments developed positively.

Exports of goods and services suffered a decline of 3.0%. This decline was mainly caused by services exports which went down by 7.0%. Goods exports were also negative (-1.2%) whereas the decline of exports excluding valuables was much weaker (-0.2%). After a strong positive growth contribution of revenues from raw materials trade in the 2nd quarter, this category explains a fair share of the strong reduction of services exports in the 3rd quarter. After a highly dynamic development earlier in the year, imports of goods and services went down (-1.0%). Goods imports decreased by 1.0% (0.3% excluding valuables) and services imports by 0.6%.

On the production side, GDP development in the 3rd quarter 2010 enjoyed a relatively wide support. The sector of trade, catering and hotel industry, transportation and intelligence services (+1.5%) as well as the sector dominated by the industry and the building sector (0.9% each) proved to provide the main support. However, the sector characterized by financial market services (+0.3%) and the sector characterized by public services (+0.3%) were also able to increase their value added. They only exception was agriculture (-0.7%) which suffered a decline in its value added.

Compared to the corresponding quarter of the previous year, the deflator of gross domestic product increased slightly (+0.2%) while the consumption deflator dropped by 0.1%. While the prices for equipment goods decreased once again (-1.5%), building investment prices increased by 1.0% for the second time in a row. Since spring 2009, export prices have had a negative development. This tendency continued in the 3rd quarter with a decline of 0.6% whereas import prices even fell by 1.3%.

*Unless otherwise noted, the changes indicated here as compared with the previous quarter (without any extrapolation to an annual basis) are calculated from seasonally adjusted data in real terms. In this context, “real” shall be used as a short form for “compared with prices of the previous year, concatenated values, reference year 2000”.

Address for enquiries:

Aymo Brunetti, SECO, Head of Economic Policy Directorate, Tel. +41 (31) 322 21 40
Bruno Parnisari, SECO, Head of Short Term Economic Analyses, Economic Policy Directorate, Tel. +41 (31) 323 16 81

Publisher:

State Secretariat for Economic Affairs
Internet: http://www.seco.admin.ch


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