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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SWITZERLAND DATA
Swiss Q2 real GDP growth was stronger than expected on a non sports event-adjusted basis, at +0.7% Q/Q (vs +0.5% cons and prior), bringing in the yearly comparison at +1.8% Y/Y (vs +1.5% cons; +0.6% prior). The sports event-adjusted print confirmed its flash release at +0.5% Q/Q (vs +0.3% prior).
- Looking at GDP by expenditure, inclines were broad based with the exception of equipment investment. Also looking at GDP by production split by industry, inclines appear broad-based, with notable strength in manufacturing (see tables below).
- By expenditure categories, GDP outperformed the median sellside estimate collated by MNI particularly on domestic demand (only Y/Y cons figures available): Private consumption +1.3% Y/Y vs +1.1% cons; gov't spending +1.9% Y/Y vs +0.5% cons. Across other categories, where a comparison vs consensus proves more difficult as SECO reports a more detailed split here, investment and imports appear broadly in line with expectations, and exports might be a bit higher than expected but, again, difficult to compare.
- For a broader outlook on the Swiss economy, see our recent Macro Signal here
| Swiss GDP by Expenditure Q/Q SA | Q2'24 | Q1'24 |
| Private consumption | 0.3 | 0.5 |
| Government cons | 0.2 | 0.2 |
| Equipment and software investment | 1.4 | 0.4 |
| Construction inv | 0.5 | -0.1 |
| Exports of goods excl. valuables | 6.9 | -3.7 |
| Exports of services (sports event-adj) | 1.5 | 1.0 |
| Imports of goods excl. valuables | -0.7 | 2.3 |
| Imports of services | 0.9 | 1.2 |
| Swiss GDP by Production Q/Q SA | Q2'24 | Q1'24 |
| Manufacturing | 2.6 | -0.3 |
| Construction | 0.1 | 0.4 |
| Trade | -1.2 | 1.1 |
| Accommodation, food | 2.7 | 1.1 |
| Finance, insurance | 0.1 | -0.5 |
| Business services | 0.6 | -0.3 |
| Public administration | 0.3 | 0.2 |
| Health, social activities | 1.1 | 0.8 |
| Arts, entertainment, recreation (sport adj.) | -0.3 | 0.2 |
| Other | -0.3 | 0.7 |
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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