Gross domestic product in 1st quarter 2012

Bern, 31.05.2012 - The real gross domestic product (GDP) for Switzerland grew in the 1st quarter of 2012 by 0.7% compared with the 4th quarter 2011*. Private and public consumption delivered a positive boost to growth, whilst gross fixed capital formation and external trade by contrast made a negative contribution to the rise in GDP. On the production side the services sectors, banking, insurances, real estate, IT and research and development, all made a positive contribution to growth, as did the public administration, social services and healthcare. Industry reported however a decrease in the value-added. GDP growth was 2.0% compared with the 1st quarter 2011.

Private consumption in the 1st quarter grew by 0.6%, seasonally adjusted, compared with the previous quarter. With the exception of transport all other categories of private consumption made a contribution towards this increase. Government consumption expanded by 2.0%.

Gross fixed investments in the 1st quarter reduced by 1.5% compared with the previous quarter. The cold spell in February led in particular to lower investment in construction. Investment in construction in the first quarter fell by 5.0%. By contrast, investment in equipment continued to show a positive development. Driven by higher imports (aircraft and software imports) investment in equipment rose by 1.5% compared with the previous quarter.

The export of goods (excluding precious metals, jewelry and gems as well as works of art and antiques) reduced by 0.5% in the 1st quarter. The reduction in the export of goods was seen across a broad front: both exports of chemicals and related products, machinery, equipment, electronics and metals as well as exports of precision instruments and watches and clocks reported a negative development. By contrast, the export of services showed a strong rise of 2.6%. The import of goods (excluding precious metals, jewelry and gems as well as works of art and antiques) also increased by 2.0%. Imports of machinery, equipment, electronics were lower, by contrast imports of chemicals and related products as well as of vehicles, precision instruments and watches and clocks, posted positive growth rates. The import of services grew by 3.1%.

On the production side there was a very contrasting development in the various categories. There was a fall in the value-added in the sector dominated by industry (-1.1%) and in the construction sector (-0.5%). The value-added in the hotel and restaurant sector also showed a reduction. In particular, the banking sector, insurances, real estate, rentals, IT and research and development (+2.3%) as well as the area dominated by publish services (+0.8%) all made a positive contribution towards the growth in GDP. The figures for the banking sector show the strongest quarterly growth since the beginning of 2007. The trade sector also reported an increase in its value-added.

The deflator for the gross domestic product rose by 0.5% compared with the corresponding quarter in the previous year. There was virtually no change in the deflator for consumption (+0.0%). Prices for equipment have been falling for more than ten quarters; this trend continued in the first quarter (-2.5%). The prices for investment in construction rose by 1.2%. Export prices grew slightly for the first time since the beginning of 2009 (+0.4%). Import prices also rose by 0.4%.

Latest estimate of the NA with the NOGA 2002, revision of the quarterly data in summer 2012
This publication of the GDP quarterly estimates for the 1st quarter 2012 is the last to be based on the NOGA 2002. On June 29, 2012 the Swiss Federal Statistical Office (SFSO) will be publishing new annual data for the national accounts for Switzerland for the period 1990-2010 (under the NOGA 2008, new statistics will also be added). The corresponding quarterly development on the expenditure side of the GDP will be published by the SECO on the same day. The new production account on the quarterly level, based on NOGA 2008, will be published on September 4, 2012, simultaneously with the results of the second quarter 2012.

*Unless stated otherwise, the percentage changes over the previous quarter shown here are calculated from seasonally and price adjusted figures (not annualized). In this context „real“ is used as an abbreviation for the formulation „data at previous year prices, quarterly chained series with reference year 2000“.

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