Swiss output expands 0.4 percent, slower than before

1st June 2010, Comments 0 comments

Switzerland's gross domestic product grew by 0.4 percent in the first quarter, marking a slowdown from the previous quarter, the economy ministry said on Tuesday.

Strong export growth and private consumption lifted output, but a drop in government spending as well as investments in equipment, software and building hurt the overall GDP figure.

Growth reached 0.9 percent in the final quarter of 2009.

Growth for January to March period was also below the 0.6 to 0.9 percent forecasted by analysts who were polled by the economics newswire AWP.

Compared to the same quarter in 2009, growth was up 2.2 percent.

In March, the economy ministry had doubled its forecast for growth this year to 1.4 percent from 0.7 percent.

That adjustment was made soon after the Swiss central bank raised its forecast for growth to 1.5 percent.

The central bank is due to provide more details on its forecast during its next monetary policy decision on June 17.

© 2010 AFP

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