Swiss GDP growth lags expectations in Q3

Switzerland's economic indicators increased 0.2% in Q3 compared to the previous reporting period. Official data were released on Tuesday, indicating a 0.5% year-on-year increase.

According to Reuters, analysts had expected an increase of 0.3% for the third quarter and a 1.0% year-on-year growth. Between June and September, GDP grew at an annualized rate of 2.2%.

The domestic economy supported growth in the quarter, with consumer spending also increasing despite relatively high inflation. The service and food sector continued to recover from the downturn caused by the pandemic.

The Swiss economy has managed to weather the recent turmoil in global markets fairly well. The government said that it did not see an urgent need to mitigate the effects of rising energy prices. It was also noted the economy is in optimal condition, and the unemployment rate is relatively low. In addition, economists expect a decline in inflation next year