Economic situation

GDP trend

Real and nominal GDP rates of change (in %, adjusted for sporting events and calendar effects)

Sources:
2018–2023: State Secretariat for Economic Affairs (SECO)
2024:             Forecast of the federal government's expert group, December 13, 2023
2025–2027: Forecasts based on the 2025 to 2027 budget assessment of February 14, 2024


 

The Swiss economy grew by 1.3% in real terms and 2.3% in nominal terms in 2023. Both of these figures were less robust than anticipated in the 2023 budget. By contrast, the consumer price index (CPI) rose more sharply than expected, reaching 2.1% for 2023. Swiss economic growth was bolstered primarily by private consumer spending in 2023. In addition, the situation on the labor market remained very favorable. However, these positive effects were offset by a decline in investments, due in particular to high financing costs and the difficulty of finding qualified personnel, as well as the lackluster global economic situation.

Central banks took action in response to rising inflation: like the US and European central banks, the SNB also raised its policy rate from 1.0% (end 2022) to 1.75% in 2023.

Data

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Last modification 28.03.2024

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