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Financial News: Swiss Industrial Production Shrinks 3.1% In Q1

Swiss Industrial Production Shrinks 3.1% In Q1

05/17/2024 - 03:50:00 (RTTNews)

(RTTNews) - Switzerland's industrial production declined for the second straight quarter in the three months ending March, the steepest pace in more than three years, provisional data from the Federal Statistical Office showed on Friday.

Industrial production dropped 3.1 percent year-over-year in the first quarter, much faster than the 0.5 percent fall in the fourth quarter.

Further, this was the steepest decrease since the third quarter of 2020, when production had fallen 4.5 percent.

The output produced in the manufacturing sector was 4.0 percent lower compared to last year, which was worse than the 1.8 percent drop in the December quarter.

Mining production slid 1.2 percent versus a 1.8 percent decrease in the previous three-month period. Meanwhile, the electricity supply segment showed a positive growth of 6.6 percent.

Secondary sector production, which combines industry and construction, decreased 3.3 percent annually in the March quarter, following a 0.6 percent fall in the final quarter of 2023.

Data showed that the decline in construction output deepened to 1.8 percent in the March quarter from 1.2 percent in the previous quarter.

During March, industrial production contracted 3.8 percent annually versus a 1.9 percent drop a month ago.

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