Switzerland’s real GDP grew by 0.4% qoq in Q3, slowing from 0.6% growth recorded in Q2 and in line with expectations. Adjusted for the impact of sporting events, growth was even more subdued, at 0.2% qoq compared to the prior quarter’s 0.4% qoq.
According to SECO, growth was supported by parts of the services sector, construction, and consumer spending. However, exports of goods and manufacturing output dragged on the economy. Notably, the chemical and pharmaceutical sector, a key pillar of Swiss manufacturing, showed minimal growth after a strong Q2, while other manufacturing sectors posted significant declines.
