GDP flash for the fourth quarter of 2024: Swiss economy shows solid growth
Neuchâtel, 17 February 2025 (FSO) – According to the initial estimate of the Swiss Economic Institute (KOF), real GDP (seasonally adjusted) increased by 0.9% in the fourth quarter of 2024 compared with the previous quarter. Domestic demand made a positive contribution to quarterly growth. Exports also had a positive impact on GDP.
Exports of goods and services grew by 1.7% over the previous quarter, while imports of goods and services increased by 1.5%. Consequently, net exports made a slightly positive contribution to GDP growth.
Private consumption expenditure expanded by 0.6%. Gross fixed capital formation decreased by 0.8%. Government consumption expenditure increased by 0.2%.
GDP growth led to a slight increase in employment. The number of employed persons rose by 0.2% compared with the previous quarter.
Overall, the Swiss economy developed solidly in the fourth quarter of 2024. The upturn was mainly driven by private consumption and exports.
Revisions to previous quarters
Data for earlier quarters have been revised to a varying extent.
Outlook
The KOF expects the Swiss economy to expand by 2.1% in 2024. Exports will continue to support economic growth. Domestic demand will also contribute positively to GDP growth. The number of employed persons is likely to rise. Inflation should gradually decline in the course of the year.
The KOF’s GDP forecast for 2025 is 1.8%. Growth is expected to slow down slightly as a result of weakening external demand and high inflation.
Tables
Neuchâtel, 17 February 2025 (FSO) – Revised quarterly GDP figures are available in Tables 1 to 3 of the annex [xls, 31 kB].
Methodological notes
The quarterly GDP figures are based on the revised calculation method which takes into account the latest methodological changes and new data sources. More information on the calculation method is available on the FSO website under “Methodology”.
Contacts
Swiss Economic Institute (KOF), Tel.: +41 44 632 32 06, E-mail: info@kof.ethz.ch FSO Media Office, Tel.: +41 58 463 60 12, E-mail: info.medien@bfs.admin.ch
GDP flash for the fourth quarter of 2024: Swiss economy shows solid growth
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