Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Swiss Federal Council : Gross domestic product in 2nd quarter 2013

09/03/2013 | 01:58am US/Eastern
Bern, 03.09.2013 - Switzerland's real gross domestic product (GDP) expanded by 0.5% in the 2nd quarter 2013 compared to the previous quarter.* As in the previous quarters, positive contributions to growth came primarily from private consumption. Investments in machinery and equipment showed a marked increase for the first time in a year. Investments in construction reported a slight reduction. The balance of trade in goods contributed negatively to GDP growth (lower exports and higher imports). By contrast, the contributions from service exports and imports balanced each other out. On the production side, there was a reduction in value-added in the areas of industry and the construction sector in the 2nd quarter. Many areas of the services sector contributed positively to GDP growth (trade; transport, information and communication; financial and insurance services; real estate and housing; provision of other business services; healthcare).

In the 2nd quarter 2013 household final consumption expenditure (including that of non-profit organisations serving households) increased by 0.7%. Healthcare has been the key factor in the growth of private consumption for four quarters. General government final consumption expenditure grew by 0.1%.

Following a series of weak quarters gross fixed investments increased in the 2nd quarter 2013 for the first time again (+1.4%). This increase was due to the regaining strength of investments in machinery and equipment (+2.9%) which returned to a positive growth path following a period of weakness. However, the main contribution to this positive development came from just one sector ("other vehicles"). Investments in construction reported a slight reduction (-0.3%).

The exports of goods (excluding precious metals, jewellery and gems as well as works of art and antiques) shrank in the 2nd quarter 2013 by 0.9% compared with the previous quarter. A decrease was registered in the categories of precision instruments/watches/jewellery, vehicles and food and beverages. Exports by the machine industry as well as of chemical and pharmaceutical products were also slightly lower. Only exports by the metals industry reported a slight positive rise.

The imports of goods (excluding precious metals, jewellery and gems as well as works of art and antiques) rose by 1.4%. The sharp increase in the import of chemical and pharmaceutical products, as well as of vehicle imports, contributed mainly to these results.

The services sector saw a continuation of the recovery in the export of tourism which began in mid-2012 (+1.6% in the 2nd quarter 2013). Other services exports broadly stagnated (+0.1%). The import of tourism services (spending on tourism abroad) rose by 0.2%, with the remaining import of services reporting a 0.7% increase. Overall, the export of services in the 2nd quarter 2013 grew by 0.3% and the import of services by 0.6%.

On the production side the areas of industry and the construction sector contributed negatively to GDP growth. Numerous categories in the services sector delivered however positive contributions to GDP growth. The increase in value added in the categories "provision of financial services", "insurances", "real estate and housing", "provision of freelance, scientific and technical services" as well as "healthcare and social welfare" accounted for the majority of the 0.5% increase in GDP on the production side in the 2nd quarter 2013.

The small increase (or the relative stagnation) in the Gross Domestic Product deflator compared with the same quarter in the previous year and which has been noted since the beginning of 2012, continued in the 2nd quarter 2013 (GDP deflator +0.0%). The deflator for household final consumption expenditure decreased by 0.9%; the negative trend in consumer prices began in the final quarter of 2011. The deflator for investments in construction increased by 0.3%. Prices of investments in machinery and equipment have been falling since the second quarter of 2009; in the second quarter of 2013 the reduction was -0.4%. The deflator for total exports (goods, excluding precious metals, jewellery and gems as well as works of art and antiques, and services) increased by 1.2%, as did the prices for total imports.

*Unless stated otherwise the percentage changes over the previous year, listed here are calculated from seasonally and price adjusted figures (not annualized). "Real" is used as an abbreviation for the formulation "data at previous year prices, quarterly chained series with reference year 2005". The official terminology also uses the phrase "volume changes in GDP". The comments on the development of the price indices are based on the changes over the previous year in the non-seasonally-adjusted data.

Eric Scheidegger, SECO, Head of the Economic Policy Directorate, Tel. +41 (31) 322 29 59
Bruno Parnisari, SECO, Head of Short Term Economic Analyses, Economic Policy Directorate, Tel. +41 (31) 323 16 81
distributed by
React to this article
Latest news
Date Title
<1m ago STEALTHGAS INC. Announces Share Buy Back Program, New Charter Arrangements for Nine Vessels and the Sale and Lease Back of One Vessel
<1m ago UNIVERSE : The WACO System expands Latin America presence with new Mexico member
1m ago NEXT BIOMETRICS : secures multi-national, brandname design-win
2m ago OIL PRICE TO CLOSE SOME PROJECTS, WILL RETURN TO FAIR LEVEL : Russia
2m ago AUSTRALASIAN WEALTH INVESTMENTS : Address to Shareholders
2m ago NEOSTEM : to Host Key Opinion Leader Event Webcast on December 1, 2014 in New York City
2m ago THOMAS COOK : Harriet Green Quits As Thomas Cook Boss
2m ago ROYAL MAIL : statement on BIS Select Committee inquiry into competition in the postal services sector and the Universal Service Obligation
2m ago CARLYLE : and Old Mutual Private Equity to acquire 100% of Tiger Automotive
2m ago Iran says OPEC agreement emerging after talks with Saudi
Latest news
Advertisement
Hot News 
DIXONS CARPHONE : Licenses APT’s Test & Learn Software
FIRST PROPERTY : Shares Up As Profit Jumps On Fees, Investment Gains
FINSBURY FOOD : Sees Revenue Rise In First Four Months Of Financial Year
FRENCH CONNECTION : Interim Management Statement 26th November 2014 (pdf)
FINDEL : Shares Fall As Pretax Loss Widens On Kleeneze Impairment
Most Read News
1d ago DP WORLD : Belgian operations disrupted
1d agoDJCEOS' TEST : Contending With Activist Investors -2-
1d ago FLOWSERVE : McCANNA Introduces In-Line Maintainable Cryogenic Valve
1d agoDJCHINA LNG : Signed Preliminary Liquefied-Natural-Gas Agreement With Sinopec Unit
1d ago CUBIC : To Present At Credit Suisse Global Industrials Conference
Most recommended articles
1m ago OIL PRICE TO CLOSE SOME PROJECTS, WILL RETURN TO FAIR LEVEL : Russia
2m ago Iran says OPEC agreement emerging after talks with Saudi
3m ago WTO postpones trade deal by a day after last-minute objection
3m ago KWEICHOW MOUTAI : China's Kweichow Moutai exec probed for 'serious disciplinary violations'
4m agoDJU.S. Durable-Goods Orders Rise on Higher Military Spending
Dynamic quotes  
ON
| OFF