Switzerland Q3 GDP +1.7% vs +2.0% q/q expected
Latest data released by the Federal Statistics Office - 26 November 2021
The Swiss economy grew weaker-than-expected in Q3 but at least the recovery is staying the course. From the report:
- Prior +1.8%
- GDP +4.1% vs +3.2% y/y expected
- Prior +7.7%
"By the summer, most of the public health restrictions had been either lifted or considerably relaxed. Thus, the strongest growth in the third quarter appeared in sectors that had been most affected by the precautionary measures. Overall, GDP was more than 1% higher in the third quarter than the pre-crisis level seen in the fourth quarter of 2019."
Adding that the biggest increase in economic activity came in accommodation and food services, where value added more than doubled compared to Q2.