Switzerland’s Gross domestic product (GDP) grew 4.2% in 2021, according to recently released data by Switzerland’s Federal Statistical Office (FSO). The increase follows a decrease of -2.4% in 2020, a year marking the beginning of the Covid-19 pandemic.
Thanks to this upswing, GDP in 2021 was above the level of 2019, although some areas of the Swiss economy, such as hospitality, continued to suffer from the pandemic. Gross National Income (GNI) at current prices increased by 5.4%.
Switzerland’s trade surplus rose sharply and was well above its pre-Covid level in 2021. Foreign trade grew, with exports significantly outpacing imports. Goods exports rose significantly more (+11.5%) than imports (+4.7%). Chemical and pharmaceutical products (+29%) were the main driver of the surplus. Growth in financial services (+5.2%) also added to Switzerland’s overall GDP growth for the year.
In addition, Switzerland’s services trade deficit shrank significantly (-40%) in 2021.