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Switzerland climbs slowly out of recession

The State Secretariat for Economic Affairs (Seco) reports that the country's real economy increased by 0.3 per cent in the third quarter of the year.

But GDP growth compared with a year ago fell by 1.3 per cent, a Seco statement said.

Figures showed that private consumption remained robust and grew 0.6 per cent in the third quarter.

After posting a significant decline for the past year, exports of goods and services grew again.

The statement also said that the sector dominated by financial services grew by 0.2 per cent after six negative quarters.

"The results were rather robust and for the first time in five quarters we have positive growth indications, which is encouraging. We expect this will continue," Credit Suisse analyst Fabian Heller told Reuters.

Another positive comments came from Jan Poser of Bank Sarasin. "What is very positive is that the demand component has recovered strongly, investment has risen and consumption has remained robust. That makes us optimistic about a further recovery." and agencies