Growth in Switzerland comes in at zero in Q3
The size of the Swiss economy was virtually unchanged in the three months through September from the previous quarter, according to data released on Friday by the State Secretariat for Economic Affairs (SECO). The sudden lag pushed the yearly rate of real growth in gross domestic product 0.7 percentage points lower against the prior equivalent period, to 1.3%.
Investment in construction and equipment, both 0.5% up when adjusted for prices, seasonal changes and calendar, added the most significant positive contributions and the foreign trade balance was the strongest downside factor, the report adds. Outbound shipments fell 0.2%, as services weighed, and imports increased 0.2% on the quarter, where the non-manufacturing sector stagnated. Industrial output climbed 0.9% from the previous three months.
The Swiss franc was down 0.14% against the euro at 8:52 a.m. CET, before the opening bell at the stock exchange in Zurich. At the same time, the dollar ticked 0.4% higher and the pound was 0.36% stronger relative to the country's currency.