Switzerland GDP contracts 0.1% in Q2 as exports decline

04 September 2012 18:08  [Source: ICIS news]

LONDON (ICIS)--Switzerland’s gross domestic product (GDP) shrank 0.1% in the second quarter of the year compared to the first as a result of falling exports, the Swiss government’s economic affairs department said on Tuesday.

The Federal Department of Economic Affairs attributed the fall in GDP to a 0.7% decline in exports of chemicals, machinery, equipment and electronics.

The decline compares with downward-revised GDP growth of 0.5% in the first quarter of the year compared to Q4 2011. GDP for the second quarter was up 0.5% year on year compared with Q2 2011.

Private consumption grew by 0.3% in the second quarter from the first, but gross fixed investments stagnated.

On the production site there was a fall in value-added output, particularly in the industrial (-1.1%) and trade (-0.7%) sectors as well as those associated with the delivery of financial services (-0.8%), the department said.

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly