Swiss GDP contraction in Q2 was revised to -7.3%, up from -8.2%, after “benchmark revision” based on international recommendations” . SECO noted, though, “he interpretation of this data from an economic perspective is remaining largely unchanged.”
“As well as the decision to ease public health restrictions relatively early, the industry mix in the Swiss economy also helped to prevent an even more drastic slump in GDP,” SECO added. In particular, the 0.3% increase in chemical and pharmaceutical industry stabilized the result for manufacturing as a whole:.
Still, demand fell across the board, with private consumption down 08.1% in the wake of the pandemic and the containment measures. Equipment investment dropped -10.0%. Exports dropped -6.5% while services dropped -15.3%.