GDP flash for the first quarter of 2024: Swiss economy sees below-average growth

State Secretariat for Economic Affairs

Bern, 16.05.2024 - SECO is now publishing an early estimate of Switzerland's quarterly real GDP around 45 days after the end of each quarter ('GDP flash'). In the first quarter of 2024, Swiss economic output is estimated to have increased by around 0.2%. Growth in the service sector is offset by a weak performance in industry.

Gross domestic product (GDP) is the main indicator for measuring a country's economic performance. There is therefore a strong demand for timely yet reliable GDP figures. Until now, SECO has only published the quarterly GDP figures for the previous quarter around 60 days after the end of the quarter. Following an extensive trial phase, SECO will now also release an early estimate of real GDP growth for production components ('GDP flash') around 45 days after the end of the quarter. This new development will improve the data available for economic monitoring.

SECO currently expects GDP to have increased by around 0.2% in the first quarter of 2024. The Swiss economy is thus continuing its subdued performance of the previous three quarters.

The flash estimate is based on early information available on the production components of GDP. Estimates are used where values are not yet available. The result may therefore change after the complete and updated source data become available. The GDP flash will be released in a publication notice and published on the SECO website at www.seco.admin.ch/flash-gdp.

The regular release of quarterly GDP figures, including details on production, expenditure and income as well as updated calculations for the previous quarters, will continue to be published around 60 days after the end of the quarter (next publication date: 30 May 2024).

* Adjusted for seasonal/calendar effects and sporting events.

Address for enquiries

Felicitas Kemeny, SECO, Head of Short Term Economic Analyses, Economic Policy Directorate, Tel.: +41 58 462 93 25
Philipp Wegmüller, SECO, Deputy Head of Short Term Economic Analyses, Economic Policy Directorate, Tel.: +41 58 465 95 38

Fabian Maienfisch, Deputy Head of Communications and Media Spokesperson SECO, tel. +41 58 462 40 20

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State Secretariat for Economic Affairs
http://www.seco.admin.ch

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