Swiss GDP grew 0.6% qoq in Q1, accelerated from prior 0.3% qoq and beat expectation of 0.4% qoq. SECO noted that “Growth was driven primarily by increasing domestic demand. Foreign trade also provided positive impetus. Value added grew in most sectors.”
On the positive side, private consumption grew slightly above average for the first time in six quarters, at 0.4%. The increase in consumption expenditures were also broad-based, in almost all segments. Additionally, most service sectors development positively in Q1. Manufacturing saw dynamic growth at 1.5%. Production stepped up in the pharmaceutical industry as well as in watchmaking and precision instruments.
