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Financial News: Swiss GDP Growth Gains Strength In Q1

Swiss GDP Growth Gains Strength In Q1

05/31/2022 - 09:39:00 (RTTNews)

(RTTNews) - Switzerland's economy grew at a faster pace in the first quarter as the growth in manufacturing offset the weakness in services activity, the State Secretariat for Economic Affairs, or SECO, said Tuesday.

Gross domestic product expanded 0.5 percent sequentially, following a 0.2 percent rise in the fourth quarter of 2021. This was also faster than the expected growth of 0.3 percent.

The production-side showed that the recovery continued as expected, driven largely by the industrial sector. Meanwhile, parts of the service sector were held back by the most recent wave of the pandemic and the accompanying restrictions.

On the expenditure-side, private spending rose 0.4 percent and government consumption moved up 1.4 percent. On the other hand, investment in equipment and software declined 3.1 percent and construction investment fell 0.7 percent.

Exports of goods excluding valuables grew 1.4 percent and imports of goods advanced 6.1 percent. At the same time, exports and imports of services decreased 5.2 percent and 1.2 percent, respectively.

On a yearly basis, GDP growth improved to 4.4 percent from 3.6 percent in the fourth quarter. The rate was forecast to rise to 4.3 percent.

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