Economy performs better than expected

Friday, 25 August 2023 06:30

The economy did better than expected last year. Figures from the Federal Statistics Office show last year GDP was up by 2.6% - that’s an upward revision from the previous figure of 2%.

In addition, growth rates from 2020 and 2021 have also been revised upwards.

Much of that was due to a rise in the services sector, like hotels and transport, which were most badly affected by covid.

Economists add that some of the upward growth can be attributed to multinational companies, such as Nestlé and the pharmaceutical sector.

But there remains a level of caution – as previous analysis from the OECD expects the economy to perform below its potential due to inflation and geopolitical pressures.

More from Bitesize News

Several injured in random knife attack

A man attacked several people with a knife yesterday afternoon in Zofingen in canton Aargau.
Push for Geneva to host song contest

Pressure is building to get canton Geneva to officially back the hosting of next year’s Eurovision Song Contest.
Govt says 'no' to song cash

As the potential cities vie for the right to host next years Eurovision Song Contest, the federal government have made it very clear – there will be no government money.
Unusual snowfalls on high passes

Despite being mid-May, the higher ground is getting a massive amount of snow.
Possible charge for Lauterbrunnen

The picturesque village of Lauterbrunnen in the Bernese Oberland is considering following the lead of Venice - and bringing in a daily charge for visitors.
Accident caused major disruption - man seriousy injured

Geneva rush hour traffic was severely disrupted yesterday afternoon after a 19-year-old scooter rider was hit by a tram in Rive.