Tags: EU | Switzerland | Economy

Swiss Economy Grows 0.7 Percent in 4Th Quarter

Tuesday, 02 Mar 2010 09:56 AM

The Swiss economy recorded a second consecutive quarter of growth in the last three months of 2009, expanding by 0.7 percent, the government said Tuesday.

The national economics secretariat said the quarterly growth in the October-December period came as exports continued to outpace imports and consumption and capital expenditures increased. Significant growth was also registered in the health care and food and beverages sectors.

The Swiss economy pulled out of a yearlong recession in the third quarter last year, growing by 0.3 percent from July to October. But economists worried at the time whether the recovery was sustainable, noting that demand for Swiss goods abroad would be key.

Exports continued their rebound in the fourth quarter, rising 3.2 percent for all good excluding valuables. Chemicals, instruments, watches and jewelry were large contributors, while areas hit hard by the crisis included metals, machinery, equipment and electronics stagnated.

Goods imports slipped 0.2 percent for the quarter. But services imports rose 1.8 percent, against a slight 0.2 percent decline in exports.

Gross domestic product was down 1.5 percent in the fourth quarter from the same period a year earlier.

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