BRUSSELS (dpa-AFX) - Switzerland's economic growth improved more than estimated in the fourth quarter on consumption and exports, official data revealed on Thursday.
GDP grew 0.5 percent from the previous quarter, following a 0.2 percent rise in the third quarter, the State Secretariat for Economic Affairs, or SECO said. The fourth quarter growth marginally exceeded the flash estimate of 0.4 percent.
On a yearly basis, economic growth softened to 1.2 percent from 1.3 percent in the prior quarter.
On the expenditure-side of GDP, private spending increased 0.5 percent sequentially on higher expenses on health, recreation and culture. Government spending also grew 0.5 percent.
After two consecutive negative quarters, investment in equipments climbed 1.0 percent, which was driven by investment in aircraft and smaller volatile categories.
In tandem with the rising domestic demand, imports gained 0.9 percent. Exports of goods and services moved up 4.2 percent. As a result, foreign trade made a positive contribution to GDP growth.
The production-side of GDP showed that growth was driven roughly equally by industry and the services sector, the SECO said.
Manufacturing expanded 0.9 percent with growth particularly focused on the chemical and pharmaceutical industry. The construction industry grew only 0.1 percent.
The service sector registered a moderate growth, underpinned by a 3.5 percent rise in accommodation and food services sector.
In 2024, GDP grew 0.9 percent compared with 1.2 percent in the previous year. Unadjusted GDP growth of 1.3 percent was faster than the 0.7 percent rise in the previous year.
Above average growth in the private consumption offset a negative contribution from foreign trade in 2024.
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