Gross domestic product in 2nd quarter 2014
Bern, 02.09.2014 - In the 2nd quarter 2014 Switzerland’s real gross domestic product (GDP) was unchanged against the previous quarter (0.0%)*. The balance of trade in goods and services made a small negative contribution to GDP growth, with a small positive impetus coming from private household consumption and a neutral contribution from investments (in construction and equipment). On the production side (development of value added by sector) industry, the wholesale sector and financial services (accounting for a total of about 40% of GDP) failed to provide any impetus to growth. Public sector areas also reported no increase in value added. This led to a rise in GDP of 0.6% compared with the 2nd quarter 2013.
In the 2nd quarter 2014 household consumption expenditure and that of non-profit organisations (NPOs) increased by 0.2% compared with the previous quarter. Positive contributions to growth came in particular from housing and recreation and culture. Expenditure on healthcare produced a negative contribution. General government and social security consumption expenditure fell for the second time in succession (-0.3%).
Gross fixed investments remained at the same level as in the previous quarter (0.0%). Whilst investments in equipment rose by 0.7%, driven by investments in IT and vehicles, investments in construction reported a fall (-0.7%).
Exports of goods (excluding precious metals, jewellery and gems as well as works of art and antiques) increased by 0.7% in the 2nd quarter. Exports of jewellery in particular made a positive contribution to growth, with exports of chemical and pharmaceutical products also providing a small positive impetus. By contrast, exports of the MEM industry (mechanical and electrical engineering industries) showed a reduction.
Imports of goods (excluding precious metals, jewellery and gems as well as works of art and antiques) increased by 0.7% in the 2nd quarter, with imports of chemical and pharmaceutical products in particular showing a rise. Imports of machinery/electronics as well as metals also showed a positive trend, whilst imports of precision instruments/watches/jewellery were lower.
Exports of services (includes tourism) reported an increase in the 2nd quarter of 0.6% compared with the previous quarter. Imports of services also showed a positive trend (+2.4%).
On the production side many sectors reported virtually no change in value added between the 1st and 2nd quarters. Industry, energy and water supply made an overall small positive contribution to GDP growth, by contrast the value added in the financial sector and some public sector economic areas showed a stagnating to slightly falling trend.
There has been no change in the Gross Domestic Product deflator for three consecutive quarters (0.0% change in the 2nd quarter 2014 compared with the corresponding quarter of the previous year). The deflator for private household consumption reported a fall, continuing its downward trend (for the last twelve quarters). Prices for investments in equipment also reduced further (-0.3%), whilst prices for investments in construction were only up slightly (+0.2%). Prices of imported and exported goods and services were also lower (-0.7% for exports, -0.5% for imports)**.
Revision of the Swiss National Accounts (NA)
The GDP quarterly results presented in this press release were calculated for the last time within the framework of the European System of National and Regional Accounts (often abbreviated as ESA) of 1995. The Swiss National Accounts (NA) are currently undergoing an important revision and are adapted to ESA 2010. The results based on the new concepts of ESA 2010 will be published on 30.09.2014 (historic and new figures up to the 2nd quarter 2014). This revision of the NA is carried out in 2014 in Switzerland and Europe.
In addition to the publication of the new figures, the key changes of the revision as well as the consequences of these for the Gross Domestic Product (GDP) will be presented by the FSO (Federal Statistical Office) and the SECO on 30 September 2014 at 9.30 hrs. at a press conference in Berne (Holzikofenweg 36).
For more information on the subject of the revision of the Swiss NA: FSO Aktuell, NA Revision 2014: Key Changes and Consequences (only available in German and French), http://www.bfs.admin.ch/bfs/portal/de/index/news/publikationen.html?publicationID=5516
* Unless stated otherwise the percentage changes over the previous year, listed here (not annualized) are calculated from seasonally and price adjusted figures. "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.
** Our comments on the development of export and import prices relate to the development of the aggregate "Goods and services, excluding precious metals, jewellery and precious stones as well as works of art and antiques" (Total exports in accordance with "Total 1").
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