Imports of goods and services fell slightly
The main impetus to growth came from trade (+1.4%), which experienced considerable expansion after four sluggish quarters. Retail trade, in particular, posted vigorous growth (+1.0%). Echoing this development, private consumption recorded an increase slightly above average (+0.5%). In addition to food purchases, it is mainly spending on housing and energy as well as health that has increased.
State consumption (+0.5%) also increased, as did investments in construction (+0.9%), with the corollary of an increase in added value in this sector (+0.8 %).
The nevertheless timid evolution of final domestic demand (+0.2%) can be explained by the further decline recorded in a large number of categories of investments in capital goods (-1.3%). Spending on machinery, vehicles and IT, among others, has declined. Imports of goods and services therefore fell slightly (-0.4%).
Industry and exports in difficulty
The other service branches experienced contrasting developments during the quarter under review. While the health and social (+0.5%), public administration (+0.5%) and business services (+0.2%) sectors delivered positive impulses, the creation value contracted in the hotel and catering industry (-1.0%), reflecting a drop in overnight stays in Swiss accommodation establishments.
Finally, financial services recorded a negative quarter (-2.3%) due to changes in commission transactions. Overall, the services sector posted growth within the historical average, as did service exports (+0.9%).
The industrial sector, on the other hand, experienced a negative quarter. If added value jumped in the energy sector (+8.2%) thanks to particularly high electricity production from hydraulic power stations, it slowed down sharply in the manufacturing industry (-1.1%).
After vigorous growth in the previous quarter, the chemical and pharmaceutical industry only grew slightly (+0.2%), while the other branches of industry showed notable declines. This development is reflected in the marked decline in merchandise exports (-4.1%). “All in all, the contribution of foreign trade to GDP growth was negative in the third quarter,” concludes Seco.
