According to the report from Federal Statistical Office, Switzerland’s GDP rose by 0.4% in the 3rd quarter of 2019, after increasing by 0.3% in the previous quarter. Economists had expected a 0.2% increase.

Exports of chemical and pharmaceutical products and energy were key contributing factors. In other areas, the impact of the subdued international environment was felt more strongly. The economic slowdown is being borne out on the whole.

In manufacturing (+1.2%), the growth from the previous quarters continued thanks to the dynamic development of the chemical and pharmaceutical segment, which saw a significant increase in value added and exports.

Domestic demand saw moderate growth in the 3rd quarter. Private consumption (+0.2%) lost a little momentum compared to previous quarters, while government consumption (+0.5%) gained impetus following a weak quarter. 

Momentum in the service industry was also slowed down by the cautious environment in general. Most service sectors recorded either modest increases or slight drops in value added.