The Swiss economy grew by 0.7 per cent in the fourth quarter from the previous quarter, according to the latest government figures.This content was published on March 2, 2010 - 08:47
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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