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Financial News: Swiss GDP Grows More Than Expected

Swiss GDP Grows More Than Expected

11/26/2021 - 05:36:00 (RTTNews)

(RTTNews) - Switzerland's economic growth slowed slightly in the third quarter, but the expansion was better than expected, preliminary data from the State Secretariat For Economic Affairs or SECO showed Friday. Gross domestic product grew 1.7 percent from the second quarter, when the economy expanded 1.8 percent. Economists had forecast 1.6 percent increase. Compared to the same quarter a year ago, GDP increased 4.1 percent after an 8.6 percent growth in the previous quarter. Economists had forecast 3.2 percent expansion. Value added grew significantly in the services sectors due to the further easing of Covid restrictions and private consumption rose substantially, SECO said. Overall, GDP was more than 1 percent higher in the third quarter than the pre-crisis level seen in the fourth quarter of 2019, the SECO added.

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