Gross domestic product in the second quarter of 2022: further recovery in the services sector
(Last modification 13.09.2022)
Bern, 05.09.2022 - Switzerland's GDP grew by 0.3% in the second quarter of 2022, following an increase of 0.3% in the first quarter*. The recovery continued as expected. The value added of the services sector increased considerably following the lifting of the pandemic restrictions. Private consumer spending showed strong growth. Manufacturing value added fell slightly.
Correction to press release of 5 September 2022
Due to a technical error, the press release published on 5 September 2022 contained incor-rect quarterly data for the value added in arts, entertainment and recreation (NOGA 90-93). This error was then carried over to the GDP data. Specifically, real seasonally-adjusted GDP not adjusted for sporting events grew by 0.1% in the fourth quarter of 2021 (not 0.3%) and by 0.3% in the first quarter of 2022 (not 0.5%).
On the expenditure side of GDP, this correction is reflected in the changes in stocks (in-cluding statistical variations), on the income side in the net operating surplus, in the gross national income as well as in the disposable gross income. No other components are affected by the adjustment. The tables and documents affected on the SECO website were replaced by corrected versions on 13 September.
The current GDP figures adjusted for sporting events are virtually unaffected. The as-sessment of the current economic situation remains unchanged.
Most of the public health restrictions to contain the coronavirus were lifted at the beginning of April as the situation status returned to normal. The service industries that were most affected made a noticeable recovery in the second quarter. The accommodation and food services sector (+12.4%) achieved the strongest growth. Inbound tourism in particular continued to recover with a marked increase in overnight stays, especially by European and US guests. The value added by this sector in the second quarter was nonetheless around 10% down on pre-crisis levels. The lifting of restrictions also contributed to an increase in value added for the arts, entertainment and recreation sector (+3.2%)**; however, adjusted for sporting events it was still 13% below pre-crisis levels. Increased mobility among the population brought transport and communication (+4.4%) into positive figures, exceeding the pre-crisis levels by around 3%.
Only two service sectors saw a decline in value added in the second quarter: financial services (–1.5%) and trade (–2.1%), the latter mainly attributable to food retailing and wholesale trade. The relatively broad-based growth of the services sector was accompanied by rising services exports (+5.0%). ***
With the lifting of the pandemic restrictions, private consumer spending (+1.4%) picked up strongly after a subdued 2021/22 winter half-year. In particular, households increased their consumer spending on hotels and restaurants as well as other services. Investment in equipment (+2.6%) also rose significantly after a negative previous quarter. Overall, domestic demand saw robust growth, accompanied by a sharp rise in imports (+2.1%).**** Construction investment (–0.2%) was the only component of domestic demand to contract again, in line with the downturn in the construction sector (–1.7%).
In manufacturing (–0.5%), value added declined slightly after seven quarters of strong, above-average growth. This was mainly driven by the chemical and pharmaceutical industry, which was confronted with declining exports. However, the other industrial sectors, which are typically more sensitive to the economic cycle, recorded modest growth. Exports of goods***** (–11.5%) also fell sharply overall on the back of a sharp contraction in transit trade.
The Federal Statistical Office (FSO) and the State Secretariat for Economic Affairs (SECO) undertook an extraordinary partial revision of Switzerland's national accounts (annual and quarterly) in summer 2022. This was prompted by a prior revision of the Swiss National Bank's balance of payments data. The revision concerns data from 1980 up to the current financial accounts. Together with the revised quarterly data and the first calculation of GDP in the second quarter of 2022, SECO is publishing expenditure-side GDP data adjusted for sporting events for the first time.
Further information on GDP in the second quarter, the revision carried out and the data adjusted for sporting events can be found in the autumn 2022 edition of Konjunkturtendenzen (Economic situation in Switzerland) at www.seco.admin.ch/gdp.
** Adjusted for sporting events: +3.5%
*** Adjusted for sporting events: +4.9%
**** Goods and services excluding valuables. Adjusted for sporting events: +2.5%
***** Excluding valuables
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