Updated 12:30  Bern, Switzerland (GenevaLunch) – Preliminary figures for Swiss gross domestic product (GDP) growth in 2008 show 1.6% growth (at constant previous year prices) and 3.9% at current prices, based on averages of the four quarters. The estimated figures were released 3 March with Bern’s fourth quarter GDP report. But Q4 figures showed a fall, the second quarterly slip in a row, technically putting Switzerland into a recession (TSR, Fre).

Swiss GDP slipped in Q4 2008: investment, trade down, tourism up

GDP slipped by 0.3% in the fourth quarter of 2008, compared to Q3 2008, with fixed investment, exports and imports all falling. Their negative impact was balanced out by relatively strong tourism figures for the period.

Real GDP fell by 0.6% compared to Q4 2007.

Consumer spending rose, but only slightly, 0.1%, with consumers spending more on food and beverages, healthcare and communications but cutting spending on furniture, leisure and culture.

Fixed investment, which includes construction and software plus machinery investment, was down by 3.1%. Exports of goods and services were down by more than 8% and imports of goods and services by nearly 6%.

Trade, hotels and restaurants, transport and communications had a value-added increase of 0.8%, and agriculture and public service also had slight increases. Financial markets services were down by 1.6% and industry fell by 1.3%.

Related story: “Swiss hotels: starred hotels faring relatively well, others down”, GenevaLunch, 25 February 2009

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