GDP for 2022 as a whole, when adjusted for sporting events, increased by 2.1%, down from 3.9% in 2021, SECO said. Over the past 20 years, Switzerland's economy has grown by an average of 2.1% each year. "While economic performance in 2022 was boosted by the recovery from the pandemic, at the same time it was held back by the tense energy situation in Europe and a gloomy international environment," SECO said. The government, which previously said it expected the Swiss economy to grow by 1.0% in 2023 and 1.6% in 2024, is due to give its latest forecast for 2023 economic growth on March 16. (Reporting by John Revill Editing by Mark Potter)
Messaging: john.revill.thomsonreuters.com@reuters.net)) ZURICH, Feb 28 (Reuters) - The Swiss economy showed no
growth in the fourth quarter of 2022, the government said on
Tuesday, as a "challenging international situation" hit
manufacturing and exports.
The 0% growth rate missed forecasts and marked a slowdown
from the 0.2% increase in the third quarter, said the State
Secretariat for Economic Affairs (SECO), which complied the
figures.
"While the less cyclically sensitive chemical and
pharmaceutical industry recorded further growth.... the other
industrial sectors contracted," it said.
Adjusted for large sporting events, gross domestic product
(GDP) rose 0.7% year on year in the fourth quarter
The performance was weaker than expected, with economists
polled by Reuters forecasting GDP to rise 0.4%
quarter-on-quarter and 3.7% year on year.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.