Seco screws up on GDP figures

Incorrect economic data from the authorities is a shame. (Image: Klaus Dieter vom Wangenheim / pixabay)

The State Secretariat for Economic Affairs, Seco, has published incorrect figures for gross domestic product – GDP. Numerous values had to be adjusted.

The Swiss State Secretariat for Economic Affairs Seco published incorrect figures and had to correct an earlier media release. Due to a ‘technical error’ incorrect quarterly data for the value added of the “Arts, Entertainment and Recreation” sector had been published with the media release of September 5, 2022, officials said last Tuesday.

The error also carried over to the GDP data, they added.

Growth too high

Real, seasonally adjusted, non-sports event-adjusted GDP grew by 0.1 percent (not 0.3 percent) in Q4 2021 and by 0.3 percent (not 0.5 percent) in Q1 2022, Seco also wrote. So the values have been glossed over.

On the expenditure side of GDP, this correction is reflected in changes in inventories. On the income side, in net operating surplus, gross national income and gross disposable income, it said. The other components, however, were not affected by the adjustment, Seco further announced in officialese.

Outlook remain unchanged

The affected tables and documents on Seco’s website were replaced with corrected versions on Sept. 13, according to the statement. The sports event-adjusted GDP data are hardly affected by the correction at the current margin. However, the State Secretariat is silent on why the error occurred and how such mishaps can be prevented in the future.

In numerous documents, it is still not clear what the original and corrected values are.

However, the assessment of the current economic situation remains unchanged. At least that’s something!

13.09.2022 / kut./ena.

Seco screws up on GDP figures

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