Switzerland experienced steady economic growth in the fourth quarter of 2023, according to data released by the State Secretariat for Economic Affairs (SECO). Quarter on quarter, the gross domestic product (GDP) exhibited a growth rate of 0.3 percent, mirroring the economy's performance in the third quarter.
Although this growth was relatively modest compared to historical standards, it surpassed economist forecasts predicting a growth of just 0.1 percent. Year over year, the GDP illustrated a promising expansion of 0.6 percent, an acceleration from the previous 0.4 percent growth. Notably, the growth forecasts had predicted an advancement of 0.7 percent.
Figures show that GDP growth for the year 2023 stood at 1.3 percent, down from 2.5 percent the previous year. The slowdown was attributed to a certain degree of normalisation that followed the upheaval of the COVID-19 crisis. However, the challenging global climate also played a significant role in influencing Switzerland's economic performance.
