Gross Domestic Product in Q1 2009
Bern, 02.06.2009 - Switzerland’s real gross domestic product (GDP) fell in Q1 2009 by 0.8% compared with Q4 2008*. 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%.
Once again final consumption expenditure showed signs of slow growth at 0.1%. A note-worthy rise in spending was observed only in the fields of healthcare and communications. In contrast, spending declined in the sectors for clothing, furniture, transport and financial and insurance services. Final consumption expenditure by general government rose by 1.4% compared with the previous quarter.
The downward momentum in fixed investments was less pronounced in the first quarter than in the two previous quarters (-0.4%). Equipment and software investment remained stagnant (+0.1%). Increased investment in aircraft has cushioned the regression in the areas of metals, machinery and office equipment. Construction has continued its downward trend (-1.0%).
At -5.4%, the decrease in exports of goods and services continued at a slower pace. Exports of goods (-6.6%) were again more seriously affected than exports of services (-2.3%). In contrast to exports, imports of goods and services remained at the same level as the previous quarter (0.0%), with one specific item, the increase in purchase of gold ornaments for melting down, significantly contributing to the growth of 0.4% in imports of goods. Imports of services fell by 1.6%.
On the production side, value added in the sector dominated by public services improved by 0.6% compared with the previous quarter. The trade, hotels and restaurants, transport and communications sector also saw an increase in value added of 0.2%. In contrast, the sector dominated by financial market services experienced a sharp drop in value added of 3.2%. Agriculture (-2.0%), the sector dominated by industry (-1.0%) and construction (-0.8%) also recorded falls in added value compared with the previous quarter.
The GDP deflator rose by 1.1% compared to Q1 2008. The final consumption deflator stagnated with a growth rate of barely 0.1%. Prices for fixed assets and software rose moderately by 1.1% whereas construction prices again rose sharply by 3.5%. In the foreign trade sector, export prices recorded a slight increase of 0.6% and import prices even fell sharply by 4.6%.
* Unless otherwise stated, the percentage changes listed here refer to the previous quarter from seasonally and price adjusted figures (not annualised). «Real» is used to describe the formulation «chain-linked quarterly estimates compiled at the average prices of the previous year, reference year 2000».
Address for enquiries
Aymo Brunetti, SECO, Head of the Economic Policy Directorate, tel. +41 (31) 322 21 40
Bruno Parnisari, SECO, Head of Short Term Economic Analyses, Economic Policy Directorate, tel. +41 (31) 323 16 81
Publisher
State Secretariat for Economic Affairs
http://www.seco.admin.ch
