Economy slips less than expected

In the second quarter of 2009 the Swiss economy shrank 0.3 per cent against first quarter figures, the State Secretariat for Economic Affairs (Seco) said on Tuesday.

This content was published on September 1, 2009 - 08:39

The slip in real gross domestic product was unexpectedly less than the one per cent analysts forecast. The most optimistic outlook had anticipated a 0.4 per cent decline.

The economy fell 0.9 per cent in the first quarter of 2009. The second-quarter figures amount to a two per cent dip against figures from this time last year. Seco said falling foreign trade was largely to blame.

The falling export market seemed to be showing signs of leveling out after two quarters of abnormally sharp declines, Seco added. Exports of merchandise dropped two per cent while imports fell 5.4 per cent.

The fall in demand for exported financial services also seemed to be easing with a decline of 0.2 per cent. Household spending meanwhile grew 0.6 per cent. and agencies

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