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- Switzerland's GDP declines 0.2% in the first quarter
Switzerland's GDP declines 0.2% in the first quarter
The State Secretariat for Economic Affairs (SECO) released its gross domestic product (GDP) data for Switzerland on Friday. Switzerland's GDP decreased 0.2% in the first quarter, missing expectations for a 0.1% fall, after a 0.5% gain in the fourth quarter. It was the fastest pace since the first quarter of 2009.
The fourth quarter's figure was revised down from a 0.6% gain.
The increase was driven by lower exports as the Swiss franc strengthen after the Swiss National Bank (SNB) removed its currency cap.
Exports of goods dropped 6.1% in the first quarter, driven by declines in all sectors.
Imports of goods rose 1.7% in the first quarter, driven by strong vehicle demand.
Household spending climbed to 0.5% in the first quarter, government spending was up 0.1%, equipment and software spending rose 0.5%, while construction spending increased 0.3%.
On a yearly basis, Switzerland's economy grew at 1.1% in the fourth quarter, missing expectations for a 1.5% rise, after a 1.9% increase in the fourth quarter.
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