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Switzerland reported an acceleration in economic growth for the fourth quarter, with an increase in gross domestic product (GDP) of 0.4% compared to the third quarter, according to a preliminary estimate by the Swiss government.
According to Reuters, this growth was supported by both the industrial and services sectors and marked a rise from the 0.2% GDP growth observed in the July-September period.
Despite the uptick in the fourth quarter, the overall growth for the year 2024 slowed to 0.8%, down from 1.2% in the previous year. The economy ministry noted that this figure falls below the average annual growth of 1.8% that Switzerland has experienced since 1981.
The Swiss economy's performance in the fourth quarter suggests resilience amidst a challenging global economic environment. The services sector, a key component of the Swiss economy, alongside the industrial sector, contributed significantly to the quarterly growth.
For the full year of 2024, the slower growth rate reflects broader economic trends and challenges faced by the country. Nevertheless, the Swiss economy continues to demonstrate its capacity to grow, albeit at a more modest pace compared to its long-term average.
The data provided by the Swiss government offers a snapshot of the country's economic health as it navigates through global uncertainties. The detailed figures and analysis of the economic performance will be closely monitored by market professionals and policymakers alike.
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