Swiss economy stagnates due to falling exports and industry

ZURICH, Feb 28 (Reuters) – The Swiss economy did not grow in the fourth quarter of 2022, the government said on Tuesday, as the “difficult international situation” affected manufacturing and exports.

The 0% growth rate was lower than expected and represented a slowdown from the 0.2% rise in the third quarter, said the State Secretary for Economic Affairs (SECO), who prepared the figures.

“While the less cycle-sensitive chemicals and pharmaceuticals industry recorded further growth…the other industrial sectors contracted,” he said.

Adjusted for major sporting events, gross domestic product (GDP) rose 0.7% year-on-year in the fourth quarter.

The numbers were weaker than expected, as economists polled by Reuters had forecast GDP growth of 0.4% quarter-on-quarter and 3.7% year-on-year.

GDP for the whole of 2022, after adjusting for sporting events, rose 2.1%, compared to 3.9% in 2021, SECO said. Over the past 20 years, the Swiss economy has grown by an average of 2.1% per year.

(Report by John Revill, edited in Spanish by Tomás Cobos)