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Q3 Growth Slows Y/Y, Private Consumption Still Upbeat

SWITZERLAND DATA
MNI (London)

SWISS Q3 2022 GDP SA +0.2% Q/Q (FCST +0.3%); Q2 2022 +0.1%r Q/Q

SWISS Q3 2022 GDP SA +0.5% Y/Y (FCST +1.0%); Q2 2022 +2.2%r Y/Y

  • The Swiss economy grew at a slower pace than anticipated in Q3, expanding by a modest +0.2% q/q and +0.5% y/y.
  • Switzerland saw weak international demand and low domestic growth in Q3. Yet services growth expanded broadly, with hospitality up +2.8%, boosted by Covid reopening effects.
  • Despite domestic inflation accelerating, private consumption expanded by an above-average +0.7%, mirroring similar effects in German GDP data.
  • Retail rebounded by +2.3% following four quarters of negative growth.
  • Construction investment (-2.0%), financial services (-4.4%) and production (-0.2%) were the key drags on Q3 growth.
  • As consumer confidence remains muted, the reopening boost in spending will likely wane and feed into a weaker print into year-end.
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