Switzerland’s GDP, adjusted for sporting events, grew by 0.3% qoq in Q1, meeting expectations.
The industrial sector’s overall value added stagnated. Manufacturing declined slightly by -0.2%, and chemical and pharmaceutical industries fell by -0.9%. Construction industry grew modestly by 0.3%, while energy sector saw solid growth of 2.1%.
Services sector drove GDP growth despite uneven performance. Financial services declined by -0.2%, and business-related services contracted by -0.3%. Transport and communication sector was flat.
However, accommodation and food services sector grew by 1.3%, health and social care services increased by 0.8%, and public administration rose by 0.2%. Retail sector grew strongly by 1.4%, leading to a 1.3% overall increase in trade.
