Swiss GDP unexpectedly contracted -0.2% qoq in Q3, much worse than expectation of 0.5% qoq expansion. The one and a half year strong continuous growth was “suddenly interrupted”. And |Swiss is following the “significant economic downturn” as seen in other European countries, “in particular Germany.
SECO also noted that GDP contract was due to “both the industrial and service sectors”. On the expenditure side, “domestic demand and foreign trade” had a negative impact. Looking at the details, export of goods were particular serious, down -4.2%. Import of goods excluding valuables also dropped -2.4%.
