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Financial News: Swiss Economy Recovers In Q2

Swiss Economy Recovers In Q2

09/02/2021 - 03:26:00 (RTTNews)

(RTTNews) - Switzerland's economy recovered from the COVID slump in the second quarter, the Federal Statistical Office reported Thursday.

Gross domestic economy grew 1.8 percent sequentially, reversing a 0.4 percent fall in the first quarter and a 0.1 percent drop in the fourth quarter of 2020. But this was slower than the 2 percent growth forecast by economists.

In the second quarter, total GDP was only 0.5 percent lower than the pre-crisis level seen in the fourth quarter of 2019.

Value added grew markedly in the service sector as a result of relaxed COVID measures in the second quarter. Industry also grew, although not as strongly as in previous quarters, data showed.

On a yearly basis, GDP was up 7.7 percent, in contrast to the 0.7 percent fall in the first quarter. Economists had expected an annual growth of 9 percent.

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