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Economy in healthy state after year of growth

Watchmaking is one of main drivers of Swiss economic growth

(Keystone)

Growth in Swiss industry has reached its peak and is likely to stabilise at a high level in the last quarter of 2000, according to a new economic study.

The quarterly survey from the UBS financial services group forecasts that GDP growth will be 3.3 per cent in the third quarter and three per cent in the fourth.

UBS said in a statement on Tuesday that the survey, of 300 industrial companies, was a reliable indicator of economic developments in the whole of Switzerland.

It added that economic activity slowed in the third quarter, with orders, sales and profits lower than in the previous quarter.

However, six out of 10 companies taking part in the survey said incoming orders, production and sales were higher compared to the same quarter last year.

UBS says the textiles, paper, print and graphic arts sectors did not live up to expectations in the third quarter, showing a marked slowdown.

However, export sectors such as watchmaking, chemicals, pharmaceuticals and metals were the most optimistic for the fourth quarter, with the food and machine industry also reckoning with upbeat business.

swissinfo with agencies


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