FOREX TradingCharts.com

Financial News: Swiss GDP Recovers In Q2

Swiss GDP Recovers In Q2

09/02/2021 - 08:49:00 (RTTNews)

(RTTNews) - Switzerland's economy expanded in the second quarter as the relaxation of COVID related measures helped to recover from two straight quarters of contraction, data published by the State Secretariat for Economic Affairs, or SECO, revealed 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.

With the easing of COVID measures, private consumption grew 4.1 percent after the marked declines of the winter quarters. Government consumption climbed 5.5 percent due to extraordinary expenditure to cope with the pandemic.

Finally, investment in equipment was up 1.6 percent after a negative previous quarter. Overall, domestic demand rose strongly, which was accompanied by a slight increase in imports of 0.5 percent. Exports of goods gained 0.3 percent despite the decline in transit trade and exports of services moved up 3.2 percent.

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.

Elsewhere, data from the Federal Statistical Office showed that Swiss inflation rose to 0.9 percent in August from 0.7 percent in July.

Data released today showed that Swiss GDP is on track to re-gain its pre-pandemic level in the third quarter and that inflation is creeping higher, David Oxley, an economist at Capital Economics, said. Nonetheless, the near-term outlook is not as rosy as it was.

Inflation is likely to drop back next year and the Swiss National Bank will maintain the status quo for many years yet, the economist added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Singapore Inflation Slows Slightly In August (42 min(s), 31 sec(s) ago)
(RTTNews) - Singapore consumer price inflation moderated slightly in August reflecting lower priva ...Full Story»

European Economics Preview: BoE, SNB Policy Announcements Due (01 hr(s), 55 min(s), 31 sec(s) ago)
(RTTNews) - Monetary policy announcements from the Bank of England and the Swiss National Bank are ...Full Story»

Brazil Central Bank Lifts Key Rate By 100 Bps; Signals Another Hike Next Month (01 hr(s), 55 min(s), 31 sec(s) ago)
(RTTNews) - Brazil's central bank raised its key interest rates by 100 basis points on Wednesd ...Full Story»

Australia Manufacturing PMI Jumps To 57.3 In September - Markit (09 min(s), 29 sec(s) ago)
(RTTNews) - The manufacturing sector in Australia continued to expand in September, and at a faste ...Full Story»

Australia PMI Data On Tap For Thursday (59 min(s), 29 sec(s) ago)
(RTTNews) - Australia will on Thursday release September PMI data from Markit Economics, highlight ...Full Story»

Fed Says Tapering Asset Purchases May Be Warranted 'Soon' (28 min(s), 29 sec(s) ago)
(RTTNews) - Citing progress towards it goals of maximum employment and price stability, the Federa ...Full Story»

Eurozone Consumer Confidence Improves In September (38 min(s), 29 sec(s) ago)
(RTTNews) - Euro area consumer confidence improved in September for the first time in three months ...Full Story»

U.S. Existing Home Sales Pull Back Slightly More Than Expected In August (48 min(s), 29 sec(s) ago)
(RTTNews) - The National Association of Realtors released a report on Wednesday showing a pullback ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Singapore Inflation Slows Slightly In August

09/23/2021 - 01:18 AM (RTTNews)
(RTTNews) - Singapore consumer price inflation moderated slightly in August reflecting lower priva ...Full Story>>

Brazil Central Bank Lifts Key Rate By 100 Bps; Signals Another Hike Next Month

09/23/2021 - 00:05 AM (RTTNews)
(RTTNews) - Brazil's central bank raised its key interest rates by 100 basis points on Wednesd ...Full Story>>

European Economics Preview: BoE, SNB Policy Announcements Due

09/23/2021 - 00:05 AM (RTTNews)
(RTTNews) - Monetary policy announcements from the Bank of England and the Swiss National Bank are ...Full Story>>

Australia Manufacturing PMI Jumps To 57.3 In September - Markit

09/22/2021 - 19:10 PM (RTTNews)
(RTTNews) - The manufacturing sector in Australia continued to expand in September, and at a faste ...Full Story>>

Australia PMI Data On Tap For Thursday

09/22/2021 - 18:00 PM (RTTNews)
(RTTNews) - Australia will on Thursday release September PMI data from Markit Economics, highlight ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.