Swiss economic growth improves in Q2
The Swiss economy expanded at a faster pace in the second quarter on domestic demand, the State Secretariat for Economic Affairs said Tuesday.
Switzerland The State Secretariat for Economic Affairs said:
Economists had forecast the quarterly growth rate to improve to 0.5% from first quarter's initially estimated expansion of 0.3%.
The expenditure-side breakdown of GDP showed that growth was driven by domestic demand. Private consumption gained 0.2% and government spending rose 0.3%.
Exports of goods grew 0.5%, while shipment of services fell 0.3%. At the same time, imports of goods advanced 5.5%, and that of services rose 1.7%.
Overall, the contribution of the trade balance in goods and services to GDP growth was negative.
Equipment and software investment moved up 0.3% and construction investment climbed 0.8%.
On the production side of GDP, both the industrial sectors and some service sectors contributed to growth in the the second quarter.
On a yearly basis, GDP growth halved to 0.3% in the second quarter from 0.6% in the previous quarter. ■
