Switzerland’s Economic Growth Quickened in Final Quarter of 2024

(Bloomberg) — Switzerland’s economy picked up pace more than economists forecast at the end of 2024, supported by momentum in both manufacturing and services.

Gross domestic product adjusted for large sport events increased 0.4% in the fourth quarter, according to a first government estimate. That’s up from 0.2% three months earlier and more than the 0.3% median estimate in a Bloomberg survey. 

In 2024 as a whole, the economy expanded by 0.8%, down from 1.2% the previous year. 

“The industrial sector recorded moderate growth overall, supported primarily by the chemical and pharmaceutical industry,” the State Secretariat for Economic Affairs said in a statement Monday, describing the annual performance. “The services sector grew at a below-average rate by historical standards.”

The growth spurt at the end of 2024 suggests Switzerland may be weathering a global downturn in manufacturing exports better than its neighbor Germany. Since the pandemic, the economy has experienced only one quarter of contraction — a far stronger record than its bigger regional peers.

The report exclude 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.

A final growth reading along with further details on its drivers will be published Feb. 27.

–With assistance from Joel Rinneby and Kristian Siedenburg.

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