Underlying economic momentum remains robust in Q4

GDP reading: GDP growth lost steam in Q4, falling to 0.2% on a seasonally adjusted quarter on quarter basis from 0.4% in the third quarter and marking the softest growth since Q3 2023. That said, adjusted for sporting events—which regularly distort data due to Switzerland being the world headquarters of major sporting organizations—the economy expanded a more respectable 0.5%. This figure was well above the EU average. Economic activity was boosted by monetary policy easing, mild price pressures, and a strong pharma industry. On an annual basis, economic growth was steady at 1.6% in Q4.

Broad-based expansion: Private consumption growth slowed to 0.5% seasonally-adjusted quarter-on-quarter in Q4 from a 0.6% expansion in Q3. Public spending improved to a 0.5% increase in Q4 (Q3: +0.4% s.a. qoq). Meanwhile, fixed investment bounced back, growing 0.8% in Q4, contrasting the 0.6% contraction recorded in the prior quarter. On the external front, exports of goods and services rebounded, growing 7.0% in Q4 (Q3: -2.7% s.a. qoq), buoyed by the pharmaceutical sector. In addition, imports of goods and services growth sped up to 2.8% in Q4 (Q3: +0.2% s.a. qoq).

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