Switzerland’s GDP rose by 2.6% last year, rather than the previously forecast 2%, according to the latest findings by Swiss statisticians. 

Real GDP growth released by the Federal Statistical Office (FSO) on Thursday was based on the first national accounts data. The previous estimate was announced by the State Secretariat for Economic Affairs at the end of May. 

The substantial rise last year was down to an uptick in services and robust manufacturing growth, according to the FSO.

As a result of comparatively high inflation, nominal growth rates remained substantially higher than real growth rates in 2022. At current prices, gross national income increased by 4.7%, according to the latest figures.

However, the marginal fall in the balance of income with foreign countries impacted the figures, Swiss Info reports.

As well as these initial forecasts for 2022, the GDP figures for 2021 and 2020 have also been revised. For 2021, the GDP growth is now 5.4%, following the initial 4.2% figure. Whereas for 2020, the figure stands at -2.1% compared to a previous -2.4%.

The initial estimate of annual GDP is made at the end of August and is based on incomplete information and short-term indicators, the FSO stated. Subsequently, the second estimate after 20 months includes structural and administrative data.

The considerably upwardly revised figure for 2021, at 1.2%, was predominantly down to more comprehensive data on large multinational organisations being included, such as Nestlé, Novartis and Roche.

The FSO added that the pharmaceutical industry’s growth has been upwardly adjusted following the new information. 

The exceptional results of the manufacture of computer, electronic and optical goods were more positive with the new data, the FSO’s report went on to say.