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Financial News: Swiss Economic Growth Improves In Q2

Swiss Economic Growth Improves In Q2

09/05/2017 - 02:23:00 (RTTNews)

(RTTNews) - The Swiss economy expanded at a faster pace in the second quarter on domestic demand, the State Secretariat for Economic Affairs said Tuesday.

Gross domestic product climbed 0.3 percent sequentially, faster than the revised 0.1 percent rise in the first quarter.

Economists had forecast the quarterly growth rate to improve to 0.5 percent from first quarter's initially estimated expansion of 0.3 percent.

The expenditure-side breakdown of GDP showed that growth was driven by domestic demand. Private consumption gained 0.2 percent and government spending rose 0.3 percent.

Exports of goods grew 0.5 percent, while shipment of services fell 0.3 percent. At the same time, imports of goods advanced 5.5 percent, and that of services rose 1.7 percent.

Overall, the contribution of the trade balance in goods and services to GDP growth was negative.

Equipment and software investment moved up 0.3 percent and construction investment climbed 0.8 percent.

On the production side of GDP, both the industrial sectors and some service sectors contributed to growth in the the second quarter.

On a yearly basis, GDP growth halved to 0.3 percent in the second quarter from 0.6 percent in the previous quarter.

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