Europe

Swiss GDP growth to surge in 2021

According to data recently released by the Swiss Federal Statistical Office (FSO), Switzerland’s Gross Domestic Product (GDP) will grow by 4.2% in 2021. The increase follows a -2.4% decline in 2020, a year that marks the beginning of the Covid-19 pandemic.

© Bartolomiej Pietrzyk | | dreamtime.com

Thanks to this rise, GDP in 2021 is above 2019 levels, although some sectors of the Swiss economy, such as hospitality, continue to be affected by the pandemic. Gross National Income (GNI) at current prices he increased by 5.4%.

Switzerland’s trade surplus increased sharply, well above pre-corona levels in 2021. Foreign trade expanded, with exports far exceeding imports. Exports of goods increased significantly (+11.5%) than imports (+4.7%). Chemicals and Pharmaceuticals (+29%) were the main drivers of the surplus. Growth in financial services (+5.2%) also contributed to overall Swiss GDP growth over the year.

Moreover, the Swiss services trade deficit narrowed significantly in 2021 (-40%).

detail:
FSO Press Release (in French) Take the 5 minute French test now

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https://lenews.ch/2022/09/03/swiss-gdp-growth-jumps-in-2021/ Swiss GDP growth to surge in 2021

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