Swiss GDP grows by 0.3% in the first quarter, the services sector leads

Switzerland’s sports-adjusted GDP grew by 0.3% q-o-q in the first quarter, meeting expectations.

The overall added value of the industrial sector has stagnated. Industrial production decreased slightly by -0.2% and the chemical and pharmaceutical industry by -0.9%. Construction recorded moderate growth of 0.3%, while the energy sector recorded a solid growth of 2.1%.

The services sector drove GDP growth despite uneven performance. Financial services decreased by -0.2% and business-related services by -0.3%. The transport and communications sector was flat.

However, the accommodation and catering services sector increased by 1.3%, health and social services by 0.8%, and public administration by 0.2%. The retail sector grew significantly by 1.4%, leading to overall trade growth of 1.3%.

Full publication on Swiss GDP here.