Financial News: Swiss Industrial Production Expands 3.4% In Q1

Swiss Industrial Production Expands 3.4% In Q1

(RTTNews) - Switzerland's industrial production continued to expand in the first quarter, though at a slower pace compared to the previous quarter amid a slowdown in manufacturing growth and further contraction in construction output, the Federal Statistical Office reported on Monday.

Industrial production rose 3.4 percent year-over-year in the first quarter, slower than the 5.9 percent gain in the fourth quarter.

The annual production growth in the manufacturing sector moderated to 4.0 percent from 7.7 percent. Meanwhile, mining and quarrying output fell only 0.1 percent versus a 1.5 percent decline in the final quarter of 2022.

Electricity supply also showed a contraction of 2.3 percent, though much slower than the 10.4 percent plunge in the December quarter.

Secondary sector production, which combines industry and construction, advanced 2.9 percent annually in the March quarter, following a 3.9 percent expansion in the fourth quarter.

Data showed that construction output declined 1.4 percent after a 6.0 percent drop in the preceding three-month period.

Industrial turnover climbed 6.4 percent in the first quarter, and construction turnover rose 4.3 percent.

The growth in production and turnover has been uninterrupted since the first quarter of 2021, the agency said.

In March, industrial production grew at an accelerated rate of 5.2 percent year-on-year versus a 0.7 percent increase in February. Production has been rising since February 2021.

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