Gross domestic product in 2nd quarter 2014 in accordance with the ESA 2010

Bern, 30.09.2014 - The quarterly GDP data is being published here for the first time in accordance with the European System of National Accounts (ESA) 2010. New annual and quarterly data has been calculated by the Swiss Federal Statistical Office and the SECO since 1995*. As a result, this gives rise to new GDP quarterly estimates for the recent past as well. Under the previous ESA 95 regime the data published on the 02.09 showed a stagnation in GDP for the 2nd quarter 2014 compared with the previous quarter (0.0%) as well as growth of 0.6%** by comparison with the previous year. After the revision to ESA 2010, GDP for the 2nd quarter 2014 now shows growth of 0.2% compared with the previous quarter and respectively 1.4% compared with the same quarter in the previous year. The key factor in this context is the slightly higher positive impetus to growth from the revised trade balance in goods and services. The weakening of internal demand during the 2nd quarter, already published under the regime of ESA 95, remains unchanged after revision.

Household consumption expenditure and that of non-profit organisations (NPOs) increased in the 2nd quarter by 0.3%. The main positive contributions to growth came from housing and leisure, whilst food and clothing by contrast delivered negative contributions. General government consumption expenditure slightly decreased during the 2nd quarter (-0,2%).

Investments in equipment, which now also include investments in research & development as well as some items of military investment, reduced in the 2nd quarter (-0.4%). Investments in construction were also sharply lower in the 2nd quarter 2014 (-1.1%).

Exports of goods (excluding non monetary gold, valuables and merchanting) increased by 0.9% compared with the previous quarter, with precision tools/watches/jewellery in particular providing the main positive impetus. Exports of vehicles delivered a slight positive contribution, whilst exports of chemical/pharmaceutical products and those of the MEM industry by contrast were lower.

Imports of goods (excluding non-monetary gold, valuables and transit trade) rose by 2.0% in the 2nd quarter 2014, with the main contribution coming from increased imports of chemical/pharmaceutical products. Imports of machinery and electronics as well as metals posted a small positive trend, whilst imports of precision instruments/watches/jewellery and vehicles stagnated.

Exports of services (including tourism) in the 2nd quarter 2014 reduced by 1.1% compared with the previous quarter. Imports of services (including tourism) were also lower in the 2nd quarter (-2.8%).

On the production side the valued added in most sectors showed virtually no change between the 1st and 2nd quarters. Industry, energy and water supply sectors made an overall positive contribution to the growth in GDP. By contrast, the value added in the construction sector, trading, the financial sector and some public sector areas was stagnant to slightly lower.

The Gross Domestic Product deflator has been stagnant for several quarters. Prices in the 2nd quarter 2014 reported a minimal reduction of 0.1 (compared with the previous quarter). The deflator for private household consumption remained unchanged (0.0%). Prices for capital equipment stopped falling for the first time since the end of 2009 (+0.1%). Construction prices rose in the 2nd quarter (+1.1%). The prices of exports of goods and services continued to reduce (goods: -1.3%, services: -0.6%). The prices of imports of goods were also lower (-1.4%), whilst the prices of imports of services remained virtually unchanged (+0.1%)***.

Adjustment of the National Accounts (NA) to ESA 2010
The quarterly GDP data is being published here for the first time in accordance with the European System of National Accounts (ESA) 2010. The key changes and their consequences are discussed in a technical note (also available in english):
http://www.seco.admin.ch/themen/00374/00456/00458/index.html?lang=en

*A recalculation of the new figures up to 1980, less detailed than the reclalcuation of the annual data up to 1995, was carried out by the SECO as part of the GDP quarterly estimates.

**Unless stated otherwise the percentage changes over the previous quarter, listed here are not annualized and calculated from seasonal and calendar adjusted volume data. "Real" is used as an abbreviation for the formulation "data at previous year prices, quarterly chained series with reference year 2010”. The comments on the development of the price indices are based on the changes over the previous year calculated with non-adjusted data.

***The comments on the development of export and import prices relate to the development of the aggregate “Exports of goods excluding non-monetary gold, valuables and merchanting” as well as “Imports of goods of goods excluding non-monetary gold and valuables”.

Address for enquiries

State Secretariat for Economic Affairs SECO
Holzikofenweg 36
CH-3003 Bern
Tel. +41 58 462 56 56
medien@seco.admin.ch