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Swiss exports decline - Photo Stefan Sueess/SECO

Swiss exports decline - Photo Stefan Sueess/SECO

Bern, Switzerland (GenevaLunch) - The Swiss economy is still in a recession. GDP (gross domestic product) declined 0.3% in comparison to Q1, and 2% compared to 2008, new figures from the  Secretariat for Economic Affairs (Seco) show. The slide is less than many economists were expecting.

Following two quarters of unusually sharp falls, the downward trend in exports of goods fell by 2%. However, value-added in the construction sector increased 1.1%.

Swiss GDP has been shrinking for the past four quarters which confirms the recession. According to economists, a true economic recession can only be confirmed if GDP growth is negative for a period of two or more consecutive quarters.

Related: Le Temps, Fre

Posted by Laila Rodriguez on 1 September 2009 at 9:05 | permalink
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News story, GenevaLunch, 1 September 2009.

Filed under: Society

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Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.