Gross domestic product in 3rd quarter 2013

Bern, 28.11.2013 - Switzerland’s real gross domestic product (GDP) expanded by 0.5% in the 3rd quarter 2013 compared to the 2nd quarter*. The main contributors to growth in GDP on the expenditure side were net exports of goods. On the production side the value-added in industry provided the largest positive contributions. GDP grew by 1.9% compared with the 3rd quarter 2012.

In the 3rd quarter 2013 household consumption expenditure and that of non-profit organisations (NPOs) increased by 0.2%. This increase was therefore less pronounced than in the previous quarters. By contrast, general government and social security consumption expenditure reported stronger growth rates of 1.1%.

Gross fixed investments rose by 0.4% in the 3rd quarter 2013. Investments in machinery and equipment decreased slightly, by -0.1%. The “other vehicles” category, which contributed largely to the growth of investments in machinery and equipment in the 2nd quarter, had an (equally pronounced) negative impact in the 3rd quarter. Most of the other categories reported moderate growth. Investments in construction increased by 1.0% in the 3rd quarter.

Following an extended period of relative stagnation, exports of goods (excluding precious metals, jewellery and gems as well as works of art and antiques) showed a strong increase in the 3rd quarter (+3.7%). The largest contribution came from exports of pharmaceutical and chemical products. Exports of machines/electronics, precision instruments/watches as well as metals also increased. Only vehicle exports reported a slight fall.

Imports of goods (excluding precious metals, jewellery and gems as well as works of art and antiques) rose by 0.7%. Negative contributions came from imports of chemical and pharmaceutical products, as well as those of the (volatile) category of vehicle imports. The remaining components reported positive growth.

In the services sector, tourism exports (consumption by foreign tourists in Switzerland) increased by 0.7% in the 3rd quarter. Imports of tourism services (spending on tourism abroad) also increased (+1.3%). The remaining imports (-1.7%) and exports of services (-0.8%) decreased.

On the production side most of the components reported an increase. Industry in particular made the largest contribution to growth in GDP. Positive contributions to GDP also came from the construction sector and the components insurances, the provision of professional, scientific and technical activities and from public administration.

The Gross Domestic Product deflator increased by 0.2% compared with the 3rd quarter 2012. Prices for household consumption expenditure fell (-0.3%). This decreasing trend in the deflator of household consumption expenditure began at the end of 2011. Prices for machinery and equipment fell slightly once again (-0.1%), continuing their negative trend which has lasted for more than four years. The deflator for investments in construction rose by 0.5% compared with the previous year. Export prices remained stable (0.0%), while import prices increased marginally (+0.1%).

*Unless stated otherwise the percentage changes over the previous year, listed here are calculated from seasonally and price adjusted figures (not annualized). "Real" is used as an abbreviation for the formulation "data at previous year prices, quarterly chained series with reference year 2005”. The official terminology also uses the phrase “volume changes”. The comments on the development of the price indices are based on the changes over the previous year in the non-seasonally-adjusted data.

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