{"id":16952,"date":"2026-09-08T16:12:24","date_gmt":"2026-09-08T14:12:24","guid":{"rendered":"https:\/\/swisschange.ch\/2026\/09\/08\/growth-in-switzerland\/"},"modified":"2026-09-08T16:24:45","modified_gmt":"2026-09-08T14:24:45","slug":"growth-in-switzerland","status":"publish","type":"post","link":"https:\/\/swisschange.ch\/en\/2026\/09\/08\/growth-in-switzerland\/","title":{"rendered":"GROWTH IN SWITZERLAND?"},"content":{"rendered":"\n

EMR September 2026<\/p>\n\n

Dear Reader<\/p>\n\n

The publication of Swiss economic activity for the second quarter of 2026 requires a closer look, beyond the first public comments such as \u201cThe Swiss economy is buzzing\u201d (see Neue Z\u00fcrcher Zeitung, 13. August 2026, p. 25). Does the rather[AZ1] positive initial assessment mean a positive outlook? Or does history speak of a somehow more modest result, as implicitly shown by the following developments in Swiss GDP in recent years? <\/p>\n\n

Year<\/strong><\/td>GDP nominal (Bio. CHF)<\/strong><\/td>Real Growth<\/strong><\/td><\/tr><\/thead>
2015<\/td>660<\/td>+1,3%<\/td><\/tr>
2017<\/td>694<\/td>+1,6%<\/td><\/tr>
2019<\/td>727<\/td>+1,2%<\/td><\/tr>
2020<\/td>706<\/td>-2,4%<\/td><\/tr>
2021<\/td>740<\/td>+4,2%<\/td><\/tr>
2022<\/td>771<\/td>+2,7%<\/td><\/tr>
2023<\/td>788<\/td>+0,7%<\/td><\/tr>
2024<\/td>805<\/td>+1,5%<\/td><\/tr>
2025<\/td> 818<\/td>+1,3%.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n

The correction in 2020 due to the pandemic (real growth -2.4%) was strong by Swiss standards, but was quickly recouped. In 2023, the slowdown in the European economy was reduced to just 0,7%. Since then, the situation has somewhat stabilized. <\/p>\n\n

Comparing GDP per head in 2025 (USD according to PPP, purchasing power parity) as an indicator, we find the following indications for<\/p>\n\n

GDP per capita<\/th><\/tr><\/thead>
Luxemburg<\/td>135\u2019000<\/td><\/tr>
Irland<\/td>112\u2019000<\/td><\/tr>
Switzerland<\/td> 87\u2019400<\/td><\/tr>
Norway<\/td> 82\u2019100<\/td><\/tr>
USA<\/td> 80\u2019200<\/td><\/tr>
Denmark<\/td> 73\u2019500<\/td><\/tr>
Germany<\/td> 58\u2019900<\/td><\/tr>
France<\/td> 52\u2019800<\/td><\/tr><\/tbody><\/table><\/figure>\n\n

In terms of purchasing power parity (PPP), Switzerland ranks third \u2013 behind Luxembourg (financial center effect) and Ireland (tax residency effect), which skews the numbers a lot. However, in nominal USD, Switzerland ranks 1st due to the strong Swiss franc. <\/p>\n\n

Fact is that, according to the industry structure, the Swiss economy is strongly service-oriented.<\/p>\n\n

<\/td>BIP-Proportion<\/strong><\/td>Employees<\/strong><\/td><\/tr><\/thead>
Financial Services<\/td> 9,4% <\/td>214\u2019000<\/td><\/tr>
Pharmaceuticals & Chemicals<\/td> 7,8%<\/td>76\u2019000<\/td><\/tr>
Trade<\/td> 11,2%<\/td>632\u2019000<\/td><\/tr>
Health and Social Affairs<\/td> 7,1%<\/td>620\u2019000<\/td><\/tr>
Machinery\/Electrical\/Metal<\/td> 6,8%<\/td>318\u2019000<\/td><\/tr>
Information & Communication<\/td> 5,1%<\/td>186\u2019000<\/td><\/tr>
Public Administration<\/td> 4,6%<\/td>192\u2019000<\/td><\/tr>
Construction<\/td> 5,3%<\/td>328\u2019000<\/td><\/tr>
Agriculture<\/td> 0,7%<\/td>150’000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n

PRODUCTIVITY MATTERS<\/h2>\n\n

Recently, economists, politicians, business leaders, and even a growing number of citizens have recognized the link between productivity, inflation, and economic growth. The commonly used definition of productivity is \u201cproduction per hour worked,\u201d although more recently there has been increasing attention to measures of energy production and, increasingly, to capital productivity. <\/p>\n\n

Simply put, if an employer currently produces 120 units of a product, compared to 100 the previous year, their productivity has increased by 20%. If the employee receives a 20% pay increase while production increases by 20%, there is theoretically no impact on inflation. <\/p>\n\n

Two other factors determine the trajectory of inflation, although, strangely enough, they do not receive the same attention. In particular, it is about energy productivity and capital productivity. At this intersection, we believe that analysts are challenged as they are increasingly driven by economic problems other than inflation. <\/p>\n\n

Readers might wonder what those other economic factors are. Here’s our answer: <\/p>\n\n