Switzerland | Quarterly National Accounts — Structural Macro Monitor
Executive-first synthesis of growth quality, investment structure, competitiveness, household demand and the external sector.
Executive structural synthesis
Switzerland's quarterly national-accounts picture is classified as constructive but mixed. Growth Quality: External-sector-led growth. Investment Quality: Data unavailable. Competitiveness: Mixed / broadly neutral. Household Demand: Data unavailable. External Sector: Export-supported with import compression. Across the five modules, 1 are favourable, 4 mixed/neutral and 0 adverse.
| Module | Assessment | Secondary | Key metric | Metric label | Quarter | Status | Flags |
|---|---|---|---|---|---|---|---|
| Growth Quality | External-sector-led growth | Primary driver: Net exports | 2.60 | Real GDP growth | 2026-Q2 | Mixed / neutral | Investment supporting growth; External sector supporting growth; Strong household-demand contribution; Inventories materially subtracting from growth |
| Investment Quality | Data unavailable | Productive-capital proxy: — | 26.20 | GFCF / GDP | 2026-Q2 | Mixed / neutral | Broad-asset coverage 0% |
| Competitiveness | Mixed / broadly neutral | Prod gap vs EU: -0.3 pp | NULC gap: -3.9 pp | 0.60 | Latest productivity/hour | 2025-Q4 | Mixed / neutral | Large NULC gap versus EU |
| Household Demand | Data unavailable | Primary category: Unavailable | 1.40 | Real household consumption | 2026-Q2 | Mixed / neutral | Component coverage 0% |
| External Sector | Export-supported with import compression | Net exports: +4.08 pp | 4.08 | Net exports contribution | 2026-Q2 | Favourable | Real imports contracting |
Quarterly scorecard
Each indicator uses its own latest available observation. EU-27 is compared in the same quarter shown for the selected country.
| Indicator | Measure | Quarter | Switzerland | EU-27 | Gap vs EU |
|---|---|---|---|---|---|
| Real GDP growth | % YoY | 2026-Q2 | 2.60 | 1.40 | +1.20 |
| Real GDP growth | % QoQ | 2026-Q2 | 1.90 | 0.70 | +1.20 |
| Productivity per person | % YoY | 2026-Q2 | 1.80 | 0.90 | +0.90 |
| Productivity per hour | % YoY | 2025-Q4 | 0.60 | 0.90 | -0.30 |
| Nominal unit labour cost | % YoY | 2025-Q4 | -0.60 | 3.30 | -3.90 |
| Gross fixed capital formation | % GDP | 2026-Q2 | 26.20 | 21.50 | +4.70 |
| Household & NPISH consumption | % YoY | 2026-Q2 | 1.30 | 1.20 | +0.10 |
| Exports | % YoY | 2026-Q2 | 4.50 | 4.20 | +0.30 |
| Imports | % YoY | 2026-Q2 | -1.20 | 3.90 | -5.10 |
Growth anatomy
Expenditure-side percentage-point contributions used for the growth-mix classification. Imports are already signed in Eurostat's contribution measure.
| Engine | Contribution (pp) |
|---|---|
| Household consumption | +0.64 |
| Government consumption | +0.20 |
| Investment | +0.42 |
| Inventories & valuables | -2.71 |
| Exports | +3.18 |
| Imports | +0.90 |
| Net exports | +4.08 |
| Domestic demand | -1.45 |
| Residual / reconciliation | -0.03 |
Investment structure & quality
The fixed-investment mix in 2026-Q2 is classified as data unavailable. GFCF stood at 26.2% of GDP versus 21.5% for EU-27. Total real GFCF growth was +1.6% year-on-year in 2026-Q2. Watchpoints: Broad-asset coverage 0%.
| Asset | Code | Level (€m) | Share of GFCF | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) |
|---|---|---|---|---|---|---|
| Dwellings | N111G | — | — | 23.1% | — | — |
| Other buildings & structures | N112G | — | — | 26.8% | — | — |
| Machinery & equipment | N11MG | — | — | 29.8% | — | — |
| Cultivated biological resources | N115G | — | — | 0.2% | — | — |
| Intellectual property products | N117G | — | — | 20.2% | — | — |
Productivity, labour cost & competitiveness
The current structural signal is classified as mixed / broadly neutral. On the latest common comparison quarter (2025-Q4), real labour productivity per hour grew +0.6% year-on-year versus +0.9% in EU-27. Nominal unit labour cost per hour increased -0.6% versus +3.3% in EU-27. Watchpoints: Large NULC gap versus EU.
| Metric | Quarter | Country | EU-27 | Euro area | Gap vs EU | Gap vs EA | Latest country quarter | Latest country value |
|---|---|---|---|---|---|---|---|---|
| Productivity per hour | 2025-Q4 | +0.60 | +0.90 | +0.70 | -0.30 | -0.10 | 2025-Q4 | 0.6 |
| Productivity per person | 2026-Q2 | +1.80 | +0.90 | +0.60 | +0.90 | +1.20 | 2026-Q2 | 1.8 |
| NULC per hour | 2025-Q4 | -0.60 | +3.30 | +3.10 | -3.90 | -3.70 | 2025-Q4 | -0.6 |
| NULC per person | 2026-Q2 | -0.80 | +2.80 | +2.70 | -3.60 | -3.50 | 2026-Q2 | -0.8 |
Household demand & consumption mix
The current household-demand mix is classified as data unavailable. Real household consumption grew +1.4% year-on-year in 2026-Q2. Watchpoints: Component coverage 0%.
| Category | Code | Level (€m) | Share of consumption | EU-27 share | Gap vs EU (pp) | Real growth (% YoY) | Real growth quarter |
|---|---|---|---|---|---|---|---|
| Durable goods | P311_S14 | — | — | 8.1% | — | — | None |
| Semi-durable goods | P312_S14 | — | — | 7.6% | — | — | None |
| Non-durable goods | P313_S14 | — | — | 29.9% | — | — | None |
| Services | P314_S14 | — | — | 54.4% | — | — | None |
External sector & trade contribution
The external-sector contribution is classified as export-supported with import compression. Net exports contributed +4.08 percentage points to GDP growth in 2026-Q2. Exports contributed +3.18 pp and imports +0.90 pp. Real exports grew +4.5% YoY while real imports grew -1.2% YoY. Watchpoints: Real imports contracting.
| Metric | Contribution (pp) | Real growth (% YoY) | Quarter |
|---|---|---|---|
| Exports | +3.18 | +4.50 | 2026-Q2 |
| Imports | +0.90 | -1.20 | 2026-Q2 |
| Net exports | +4.08 | — | 2026-Q2 |
| Domestic demand | -1.45 | — | 2026-Q2 |
A-CLUSTER Quarterly National Accounts — Structural Macro Monitor Summary
Executive structural synthesis across growth, investment, competitiveness, household demand and the external sector.
Executive Dashboard
One-page synthesis of the growth mix, structural pulse and EU comparison.
Real GDP Growth
Year-on-year real GDP growth for the selected country, EU-27 and euro area.
Productivity per Hour
Real labour productivity per hour worked, year-on-year.
GDP Growth Contributions
Percentage-point expenditure contributions to annual real GDP growth.
European GDP Ranking
Cross-country comparison of real GDP growth for the latest available ranking quarter.
Household Consumption
Quarterly household consumption expenditure in current prices, by durability category where available.
Investment Structure & Quality
Composition of fixed investment, structural shares, EU comparison and investment-quality assessment.
Productivity, Labour Cost & Competitiveness
Productivity growth, nominal unit labour costs and relative performance versus EU-27 and the euro area.
Household Demand & Consumption Mix
Household expenditure composition and real demand momentum across durables, non-durables and services.
External Sector & Trade Contribution
Export, import and net-export contributions, trade growth and the source of external-sector support.
