In the second quarter (Q2) of 2020, Switzerland’s GDP fell by –8.2 % after decreasing by –2.5 % in the previous quarter.
GDP for Q2 2020 was 10.5% lower than Q4 2019.
Domestic economic activity was severely restricted in the wake of the pandemic and the measures taken to contain it, said the government.
However, Switzerland’s GDP decline remained limited when compared to the sharp recession experienced globally.
Switzerland’s large pharmaceutical industry increased its turnover, preventing an even deeper slump.
The worst hit sectors were accommodation and food services (–54.2 %), transport and communications (–21.7 %) and arts, entertainment and recreation (-18.8%). Healthcare (-8.6%), business-related services (-8.6%) and service exports (-15.9%) were also hard hit.
Tourism represents a small part of Switzerland’s GDP so the deep slump in this sector had a relatively limited effect on the headline GDP number compared to some other countries.