Swiss Economy Grew 0.5% at End of 2024, Beating First Estimate

(Bloomberg) — Switzerland’s economy grew at the fastest pace in almost two years thanks to a recovery in manufacturing.

Gross domestic product adjusted for large sport events increased 0.5% in the three months through December, up from a flash estimate of 0.4% published earlier this month. That’s the strongest growth since the first quarter of 2023.

Switzerland has avoided the economic weakness seen in many of its neighbors, though it didn’t quite escape the factory malaise. That might now have take a turn, with the Swiss statistics office saying that expansion in the fourth quarter was “driven roughly equally by industry and the services sector.”

The report excludes data from large sport events because they can distort the overall picture of the country’s economy. Switzerland is the home to many global sports bodies, so when for instance the Olympic Games take place, earning revenue for the International Olympic Committee, that boosts Swiss GDP without benefiting economic activity.

–With assistance from Joel Rinneby, Harumi Ichikura and Kristian Siedenburg.

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