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Swiss fourth-quarter GDP beats expectations

The Swiss economy grew by 0.7 per cent in the fourth quarter from the previous quarter, according to the latest government figures.

The State Secretariat for Economic Affairs said on Tuesday that the year-on-year increase was 0.6 per cent for the same period.

Overall, the Swiss economy shrank by 1.5 per cent in 2009.

Seco said that the trade balance gave a positive boost to growth and that consumption and capital expenditures also increased. On the production side, many industries were able to increase their added value, it said in a statement.

The results largely beat analysts’ expectations. "It's more positive than we expected and confirms that we are already in recovery. It's a rather strong result and the second quarterly rise in GDP in succession,” said Fabian Heller, a Swiss economy analyst at Credit Suisse.

For Jan Poser at Bank Sarasin, the figures confirmed that “you should never underestimate a cyclical rebound”.

“The cyclical recovery is really strong. All components show a strong recovery. Exports and investments are increasing and households prove to be robust."

swissinfo.ch and agencies


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