In the second quarter of 2023, Switzerland experienced no economic growth relative to the previous quarter due to stagnant private consumption and public spending and a contraction in private investments and exports. Overall, GDP is only about 0.6% higher than in the same quarter of 2022. Inflation is at 2.14%, considering prices of the previous year, due to the strong economic rebound after the pandemic, rising energy prices, and uncertainty related to the Russian invasion of Ukraine. Although slightly above the SNB inflation target of 2%, this value is relatively low in an international comparison, with OECD countries having experienced an average inflation of 6.5%. The unemployment rate is stable and slightly below 2%. The OECD economic outlook expects annual inflation to steadily decrease throughout the year, stabilizing between 1.1% and 1.3% in 2024. GDP is expected to grow at an average annual rate slightly below 2% in 2023 and to reach 4% until the end of 2024. Unemployment is expected to increase slightly in 2023 and to stabilize in 2024.

October 2023