Swiss economy pulls out of recession

3rd December 2009, Comments 0 comments

Switzerland's economy grew by 0.3 percent in the third quarter, the Swiss economics ministry said on Tuesday.

Geneva -- Switzerland's economy grew by 0.3 percent in the third quarter, the Swiss economics ministry said on Tuesday, marking the end of a recession thanks to a pickup in exports and private consumption.

Gross domestic product had shrunk in the four preceding quarters, bottoming out at minus 0.9 percent in the first three months of 2009 and slowing to minus 0.3 percent in the second quarter, latest official data showed.

Third-quarter GDP measured on an annual basis was still down by 1.3 percent compared to the same period in 2008 despite the slow revival since the summer, the ministry said in a statement.

The return to growth in Switzerland was paved by "positive impulses" from the trade in services as well as a continued expansion of "robust" private consumption and building investments, it added.

"For the first time after a considerable one-year downward slide, exports of goods and services were able to pick up momentum in the third quarter," the ministry said.

Goods exports, excluding valuables, went up by 2.2 percent, while exports of services increased by 0.3 percent.

In September, the ministry raised its forecasts for 2010, predicting growth of 0.4 percent instead of a continued contraction in the economy

AFP / Expatica

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