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Swiss economy grows 0.3% in Q2 as services shine

Wednesday, September 14, 2022
Swiss economy grows 0.3% in Q2 as services shine © Reuters. FILE PHOTO: An employee places bottles on a refrigerated shelf at the La Taqueria, a Mexican restaurant, as the coronavirus disease (COVID-19) outbreak continues, in Zurich, Switzerland July 1, 2020. REUTERS/Arnd Wiegmann

(Corrects Sept. 5 story to show year-on-year growth of 2.4%, not 2.8%, and comparative Q1 numbers after SECO corrects data)

ZURICH (Reuters) -The Swiss economy grew a real 0.3% in the second quarter versus the first three months thanks to the services sector's continued recovery from pandemic restrictions and robust consumer spending, data showed on Monday.

That compared to growth of 0.3% in the first quarter, or 0.2% when stripping out the impact of large sporting events, the State Secretariat for Economic Affairs said.

Gross domestic product expanded 2.4% year on year, and also 2.4% adjusted for sporting events.

Economists polled by Reuters had expected GDP to rise 0.4% quarter on quarter and 3.0% year on year.

The Swiss economy has weathered recent turbulence on world markets relatively well.

The government sees no immediate need for measures to help cushion the burden of surging energy prices, it said last week, noting the economy was performing well, unemployment was low, and inflation was set to wane next year.

Swiss consumer price inflation rose a higher-than-expected 3.5% in August, the seventh month in a row that inflation has surpassed the Swiss National Bank's 0-2% target range.

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03-10-2022 17:32:50 (UTC+7)

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