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Economic growth is revised upwards

The Swiss economy grew more strongly in 2007 than so far reported, according to revised data from the Federal Statistics Office published on Friday.

Gross domestic product grew by 3.3 per cent in real terms, compared with the 3.1 per cent previously indicated.

The statistics office noted there was strong growth of added value in the financial services sector and in export branches.

In a statement, it said that banks in particular had recorded “excellent results” despite the United States subprime mortgage crisis and corrections on the financial markets.

It added that foreign trade had been influenced by a 9.4 per cent increase in goods and services compared with the previous year.

Exports of chemicals, precision instruments and watchmaking products showed a “strong dynamism”.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR