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- Swiss economic growth slows
Swiss economic growth slows
The State
Secretariat for Economic Affairs (SECO) revealed on Thursday that Switzerland's
gross domestic product (GDP) rose 0.3 percent q-o-q in the second quarter of
2019, after a revised 0.4 percent q-o-q growth in the previous quarter (originally
a 0.6 percent q-o-q advance).
Economists had
forecast the Swiss economy would expand by 0.2 percent q-o-q.
According to
the report, private consumption rose by 0.3 percent q-o-q in the second
quarter, supported by expenditure for healthcare, housing and energy. Meanwhile,
government consumption edged up 0.1 percent q-o-q. Investment in construction registered
a marginal drop of 0.1 percent q-o-q, while investment in equipment recorded a
quite substantial decline of 1.0 percent. Exports of goods fell by 0.8 percent
q-o-q, while imports of goods and services also dropped by 0.6 percent q-o-q.
In y-o-y terms,
Swiss GDP grew by 0.2 percent in the second quarter, following a revised 1.0
percent advance in the first quarter (originally an increase of 1.7 percent).
This represented the weakest growth since a 0.4 percent contraction in the fourth quarter of 2009 and was well below economists’ forecasts for a 0.9
percent gain.
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