Gross domestic product in 3rd quarter 2014

Bern, 03.12.2014 - Switzerland’s real gross domestic product (GDP) in the 3rd quarter 2014 rose by 0.6%* compared with the previous quarter. The main contributors to the growth in GDP were consumption by private households and the public sector, as well as the balance of trade in goods. On the production side the manufacturing sector as well as healthcare and social security provided the strongest contributions to GDP growth. This resulted in a 1.9% rise in GDP compared with the 3rd quarter 2013.

Household consumption expenditure and that of non-profit organisations (NPOs) increased in the 3rd quarter by 0.6%. The main positive contributions to growth came from healthcare and transport consumption. Many other functions of household consumption stagnated in the 3rd quarter. General government consumption expenditure and social security consumption rose by 0.9%.

Investments in equipment, which have also included investments in research & development as well as some items of military investment since the revision to ESA 2010, grew by 0.3% in the 3rd quarter 2014. Following a reduction in the 2nd quarter, investments in construction increased by 0.8% in the 3rd quarter.

Exports of goods (excluding non-monetary gold, valuables and merchanting) increased by 2.8% in the 3rd quarter 2014. The strongest, positive contribution to growth by far came from exports of chemical/pharmaceutical products. Precision tools/watches/jewellery as well as exports of metals and machinery/electronics also reported a positive performance. Exports of vehicles were lower.

Imports of goods (excluding non-monetary gold and valuables) rose by 1.0% in the 3rd quarter 2014, with positive contributions coming in particular from energy imports as well as imports of precision tools/watches/jewellery. The majority of the sectors reported positive growth, with only imports of chemical/pharmaceutical products showing a reduction.

Exports of services in the 3rd quarter 2014 grew by 1.1%. Imports of services by contrast were slightly lower (-0.4%).

The production side reported a relatively broad increase in value added across a number of sectors. Healthcare and social security accounted for the largest rise in value added in the 3rd quarter at 2.1%, with the catering and hotel sector reporting a rise of 1.3%. Industry value added (processing industry/manufacture of goods) as well as that of the energy and water supply, removal of environmental pollution sector, also increased by +1.0% respectively. Trading (0.0%) and financial services (-0.1%) in particular recorded no increase in value add-ed in the 3rd quarter.

The Gross Domestic Product deflator has more or less stagnated since the end of 2011; the increase in the 3rd quarter over the previous quarter was also minimal (+0.1%). The deflator for private household consumption was slightly lower (-0.2%). Prices for capital investments showed little change (+0.1% for investments in construction and -0.1% for investments in equipment). Prices for exported goods (excluding non-monetary gold, merchanting and valuables) were down by -1.3% in the 3rd quarter. Prices for imported goods (excluding non-monetary gold and valuables) were also lower (-1.1%). Falling prices were also recorded in the services sector (-0.5% for exports and -1.1% for imports).

*Unless stated otherwise the percentage changes over the previous quarter listed here (not annualized) are calculated on the basis of chained series, price, seasonal and calendar adjusted values (X-13ARIMA-SEATS is used for seasonal adjustment). "Real" is used as an abbreviation for the formulation "data at previous year prices, quarterly chained series with reference year 2010”. The official terminology also uses the phrase “volume changes”. The comparisons with the previous year which are used in particular for the comments on the development of the price indices are based on the changes in the original figures over the previous year (before seasonal and calendar adjustments)

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