DistantNews
Support us
🇨🇭 Switzerland /Health & Science

Led by pharmaceuticals, Switzerland’s economy hit the accelerator this spring

From Le Temps · () French

Translated from French and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement Context piece
  • Switzerland’s gross domestic product grew 1.5% in the second quarter, sharply accelerating from 0.5% growth in the first quarter.
  • The State Secretariat for Economic Affairs attributed much of the expansion to the chemical and pharmaceutical industry, while value creation increased across many other sectors.
  • Exports rebounded 9.7% and equipment investment rose 0.8%, putting Switzerland well ahead of the euro zone’s 0.4% growth over the same period.

Switzerland’s economy hit a pace not seen since the third quarter of 2021, expanding 1.5% in the second quarter despite an unfavorable international environment. The strong performance puts the spring quarter in sharp contrast with the first three months of the year, when gross domestic product grew by only 0.5%.

The State Secretariat for Economic Affairs confirmed its initial estimate on Thursday, following figures released in mid-August. Adjusted for major sporting events, the result shows a clear acceleration in economic activity. Switzerland also outperformed the euro zone, where growth reached only 0.4% in the second quarter.

The main engine came from the chemical and pharmaceutical industry. “The strongest impetus came from the chemical and pharmaceutical industry, but value creation also increased in many other sectors,” economists from the Swiss Confederation said in the statement published online.

Exports provided another major lift. They rebounded by 9.7% during the quarter, after falling 1.2% between January and March. Investment in equipment also recovered, rising 0.8% after declining 1.2% in the first quarter. The figures point to a broad-based improvement, with industry supplying the most forceful push.

The strongest impetus came from the chemical and pharmaceutical industry, but value creation also increased in many other sectors.

· Economists from the Swiss ConfederationThe economists identified the chemical and pharmaceutical industry as the main driver while noting that growth extended across other sectors.
About this summary

Originally published by Le Temps in French. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog