The Swiss economy grew 0.4% in the first quarter of 2022, the government said, mainly due to the strong rise in manufacturing and international demand that recovered after the pandemic.
Excluding sporting events, GDP grew 0.5% in the quarter.
Higher inflation and the conflict in Ukraine have not yet limited the recovery, as demand for Swiss machinery, watches and jewelry has increased.
Growth in the quarter was slightly stronger than the growth rate of 0.3% in the fourth quarter of 20201 and from growth estimates of 0.3%.
On an annual basis, the Swiss economy grew by 4.2% in January-March, higher than the growth rate of 3.6% in the fourth quarter of 2021.
“The recovery has continued as expected, mainly thanks to industry,” according to the State Secretariat for Economic Affairs.
Industrial production increased by 1.7% despite the slowdown in the chemical and pharmaceutical sectors, due to strong demand from abroad.
Exports rose 1.4%, mainly due to strong demand for Swiss precision instruments such as watches, jewelry, machinery and metals.
Public health measures had a significantly lower impact on the economy in the first quarter than in previous waves of the pandemic, and have already eased since February.
Accommodation and food services were the only sector to show a significant decline.
Inflation stood at 2.5% in April, the highest level since 2008, as energy and food prices rose.
Source: Capital
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