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Financial News: Swiss Economic Growth Accelerates In Q1

Swiss Economic Growth Accelerates In Q1

05/28/2019 - 02:09:00 (RTTNews)

(RTTNews) - Switzerland's economic growth increased in the first quarter on domestic demand and foreign trade, data from the State Secretariat for Economic Affairs, or SECO showed on Tuesday.

Gross domestic product growth doubled to 0.6 percent sequentially from revised 0.3 percent in the fourth quarter of 2018.

Economists had forecast the rate to improve to 0.3 percent from fourth quarter's initially estimated 0.2 percent.

On a yearly basis, GDP advanced 1.7 percent after rising 1.5 percent a quarter ago. Economists had expected growth to ease to 1 percent in the first quarter.

The expenditure-side breakdown of GDP showed that household spending and government expenditure gained 0.4 percent and 0.3 percent, respectively.

Investment in equipment and software grew 1.5 percent and that in construction sector moved up 0.5 percent.

Exports of goods excluding valuables rose 2.2 percent and shipments of services grew 1.7 percent. At the same time, imports of goods excluding valuables increased 2.4 percent and imports of services rose 1.3 percent.

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