In the industrial sector, growth was particularly focused on the
chemical and pharmaceutical industry (+2.7%), which grew robustly in the 4th quarter and contributed significantly to the marked increase in
exports (3)(+4.2%). In the other industrial sectors, value added essentially stagnated, which slowed down growth in wholesale and
trade (+0.1%) overall. The
construction industry (+0.1%) also barely grew;
construction investment (+0.5%) rose moderately. The
energy sector (+2.6%) again saw growth after a strong previous quarter thanks to increased electricity production from hydropower plants.

The services sector recorded broad-based, albeit moderate, growth. The
accommodation and food services sector (+3.5%) was boosted by a significant increase in overnight stays, in particular the number of overnight stays by international guests. The
transport and communication sector (+0.9%) also benefited from tourism. In addition, more domestically orientated services were also able to grow.
Retail trade (+1.0%) once again recorded an increase in value added after a very good previous quarter.
Public administration (+0.7%) and
health and social care services (+0.2%) also grew. In contrast, value added in
business-related services (+0.0%) and
financial services (-0.0%) practically stagnated.

Domestic demand grew solidly in line with sectoral trends.
Private consumption (+0.5%) grew at a slightly above-average rate, supported by expenses on health, recreation and culture.
Government consumption (+0.5%) also recorded growth slightly above the historical average. After two negative quarters in a row,
investment in equipment (+1.0%) also returned to growth. This was primarily driven by investment in aircraft and smaller volatile categories. In line with the rise in domestic demand,
imports (5) (+0.9%) of goods and services increased. Foreign trade made a positive overall contribution to GDP growth in the fourth quarter.

Detailed results for 2024

According to the provisional results available,
GDP in 2024 (seasonally, calendar and sport event adjusted) grew by 0.9%, compared with 1.2% the previous year.[3] Unadjusted, this results in GDP growth of 1.3% in 2024, compared to 0.7% in the previous year.

Domestic demand supported growth due to above-average growth in private consumption. In the wake of a significant decline in merchanting, foreign trade made a negative contribution to growth overall.

Note
The relevant data and the spring 2025 edition of
Konjunkturtendenzen (Economic situation in Switzerland), which contains further information on GDP in the fourth quarter and on GDP for the whole of 2024, can be found at www.seco.admin.ch/gdp.

[1] Goods and services, excluding valuables, adjusted for sporting events. Not adjusted for sporting events: +5,5%.

[2] Excluding valuables, adjusted for sporting events.

[3] Slightly revised. On the basis of the GDP flash of 17 February, annual growth had been calculated at 0.8%.

[4] Excluding valuables, adjusted for sporting events.

[5] Slightly revised. On the basis of the GDP flash of 17 February, annual growth had been calculated at 0.8%.

Gross domestic product in the fourth quarter of 2024: Swiss economy shows solid growth