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Financial News: Swiss Q2 GDP Growth Slows More Than Forecast

Swiss Q2 GDP Growth Slows More Than Forecast

09/05/2022 - 06:28:00 (RTTNews)

(RTTNews) - Switzerland's economic growth eased more-than-expected in the three months ended June, the State Secretariat for Economic Affairs, or SECO, said Monday.

Gross domestic product advanced 0.3 percent sequentially, following a 0.5 percent rise in the first quarter. That was also below the 0.4 percent rise expected by economists.

The value added to the service sector increased significantly as the COVID-19 restrictions were lifted at the beginning of April, when the situation returned to normal.

Within the service sector, the accommodation and food services segment grew the most by 12.4 percent from the previous quarter.

The value added for the arts, entertainment, and recreation also logged an increase of 1.4 percent, and that for transport and communication increased 4.4 percent.

On the expenditure side, private consumer spending rose 1.4 percent and investment in equipment gained 2.6 percent. Meanwhile, there was a slight decline of 0.2 percent in construction investment.

Exports of goods fell sharply by 11.5 percent amid a marked contraction in transit trade.

The value added declined marginally by 0.5 percent in the manufacturing sector, mainly due to the chemical and pharmaceutical industry, which was confronted with declining exports.

On a yearly basis, GDP growth eased to 2.8 percent in the June quarter from 4.7 percent in the first quarter. The rate was forecast to slow to 3.0 percent.

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