For 3rd Quarter
Provided by: State Secretariat for Economic Affairs
Official Release: PDF

GDP y/y: -1.3%, pr. -2.4% R- (2Q), -2.4% (1Q), -0.6% (4Q)
1.6% (3Q), 2.3% (2Q) 3.0% (1Q), 3.6% (4Q)

Switzerland’s GDP grew 0.3% q/q in Q3 2009 after a 0.3% q/q decline in Q2, the State Secretariat for Economic Affairs said. The Q3 GDP fell 1.3% y/y, following Q2’s revised 2.4% y/y contraction.

From the Release: "Switzerland’s real gross domestic product (GDP) has increased by 0.3% in Q3 2009 as compared to Q2 . Slightly positive growth impulses came from the trade balance with services. As in the previous quarter already, private consumption and building investments expanded again. Except for value added in the industry which remains on the decline, many productive segments made a positive contribution in Q3. Compared with Q3 of the previous year, GDP dropped by 1.3%."

For 2nd Quarter
Provided by: State Secretariat for Economic Affairs
Official Release: PDF

GDP y/y: -2.0%, pr. -2.4% (1Q), -0.6% (4Q) 1.6% (3Q), 2.3% (2Q)
3.0% (1Q), 3.6% (4Q)

From the Release: "Switzerland’s real gross domestic product (GDP) fell by 0.3% in Q2 2009 compared with Q1. Negative growth impulses emanated in particular from the balance of trade in services. Trade in goods however contributed positively to growth: the fall in imports was greater than that of exports. Private and public consumption and construction investments increased further. Compared with the same quarter of the previous year there was a fall in real GDP of 2.0%."

For 1st Quarter
Provided by: PState Secretariat for Economic Affairs
Official Release: PDF

GDP y/y: -2.4%, forecast -1.7%, pr. -0.6% (4Q) 1.6% (3Q), 2.3% (2Q)
3.0% (1Q), 3.6% (4Q)

From the Release: "Switzerland's real gross domestic product (GDP) fell in Q1 2009 by 0.8% compared with Q4 20081. Negative growth impulses emanated in particular from the foreign trade sector. When compared with the same quarter of the previous year, the recorded fall in real GDP was 2.4%."

The Swiss economy shrank less than expected in the 1st quarter, posting a quarterly decline of 0.8%, which follows a downwardly revised 0.6% contraction in the 4th quarter. It was still the worst decline in GDP in nearly 15 years. The decline was led by a 5.4% drop in exports and a 0.4% decline in capital spending. Personal consumption rose by a tepid 0.1%, with government consumption contributing with a 1.4% increase. A rebound in global trade, predicated on economies around the world coming out of their recessions will help to offset the loss of demand for Swiss goods which is hurting growth. 

For 4th Quarter
Official Release: Press Release

GDP y/y: -0.6%, forecast -0.1%, pr. 1.6% (3Q), 2.3% (2Q) 3.0% (1Q),
3.6% (4Q)

Swiss GDP declined 0.3% in the 4th quarter compared to the third. And with 3rd quarter growth revised lower to show a 0.1% decline, the Swiss economy has not met the technical definition of a recession. The decline was a result of negative growth in fixed investment, which was down 3.1%, and from weaker exports, which fell 8.1%. Just like in other countries, weaker economic activity and falling global demand will cause companies to lay off more staff, which feeds an adverse feedback loop in which consumers have less money to spend and companies revenues continue to decline forcing more layoffs. Also, the financial turmoil in financial markets is eroding bank's earnings limiting how much they are willing to lend, which is choking off spending.  

For 3rd Quarter
Provided by: Swiss Statistics
Official Release: Press Release

GDP y/y: 1.6%, forecast 1.8%, pr. 2.3% (2Q) 3.0% (1Q), 3.6% (4th Q)

From the Release: "Between the second and the third quarters of 2008, Switzerland's real gross domestic product (GDP) remained unchanged (+0.0%)*. The negative contribution to growth of investments was compensated by the positive impulses of the trade balance and household expenditure. In comparison with the same quarter of the previous year, real GDP rose by 1.6% in the third quarter of 2008.

Household expenditure increased by 0.3%. Total investment fell by 1.4%. There were drops both in construction investments (-0.9%), and to a slightly greater extent in investments in fixed assets and software (-1.8%). Exports of goods and services rose by 1.2%."

For 2nd Quarter
Provided by: Swiss Statistics
Official Release: Press Release (PDF)

GDP y/y: 2.3%, forecast 2.4%, pr. 3.0% (1Q '08), 3.6% (4th Q)

The Swiss economy grew by 0.4% in the 2nd quarter, slightly above expectations. However, the annualized rate was only up 2.3%, lower than the forecast.  

From the Release: Despite a slight slowdown since the start of the year, the Swiss economy has continued to expand in Q2 2008. Real GDP was up 0.4%* compared to the previous quarter. This growth was mainly driven by household expenditure and foreign trade. Compared to the same quarter of the previous year, real GDP in Q2 2008 rose by 2.3%.

Final consumption expenditure grew by 0.6%, largely due to the important areas of housing, energy and healthcare... Total investments dropped marginally by -0.7%, with construction investments falling by 0.3% and investments in fixed assets and software falling by -0.9%...Exports of goods and services increased by a substantial 3,6%, with goods exports rising sharply by 4.5% and service exports rising more slowly by 1.3%. Imports of goods and services also posted a rise of +3.8%, with goods imports up by 4.5% and service imports up by 0.6%.

For 1st Quarter
Provided by: Swiss Statistics
Official Release: Press Release (PDF)

GDP y/y: 3.0%, forecast 3.3%, pr. 3.6% (4th Q)

From the Release: "The economy continued to grow in Q1 2008, albeit at a slower rate: the rise in Switzerland’s real GDP compared to the previous quarter was 0.3%. Growth in the first quarter was mainly driven by household expenditure and investment in fixed assets and software. Real GDP grew by 3% compared to the same quarter in the previous year."

For 4th Quarter
Provided by: Swiss Statistics

GDP y/y: 3.6%  forecast: 2.8%,  pr. 3.0% (r 2.9%)

The Swiss economy grew faster than expected  as spending accelerated. With a stronger Swiss Franc and thus lower exports expected, growth this year will continue to be supported by domestic demand. However, this will depend on whether the economy can withstand what Warren Buffet calls essentially a recession in the US. According to Bloomberg, earnings at UBS AG and Credit Suisse will take a hit from the global slowdown and will be another drag to growth.