Bern, Switzerland (GenevaLunch) - The Swiss economy grew more strongly than expected in the second quarter of 2010, 0.9 percent in real terms (data at previous year’s prices) compared to the previous quarter and 3.4 percent compared to Q2 a year earlier. The State Secretariat for Ecoonomic Affairs (SECO) note that Q2 2009 was the lowest period during the 2009 recession.
Fixed investments by industry grew by 2.1 percent, while exports rose, but less than in the first quarter, with overall growth of 1.7 percent.
Exports of goods were soft but services expanded by 5.3 percent, which Seco accounts for as ” merely the result of an extraordinary growth in the trade with raw materials.” Imports rose by 4.6 percent.
Government consumption continued to decline, by 0.1 percent. Private consumption remained stable. Figures also published 2 September show the retail sector (not including fuel) growing in July 2010, compared to the previous quarter (1 percent in nominal terms) and to July 2009, up 2.9 percent in nominal terms.
The non-food sector showed the strongest growth.
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News story, GenevaLunch, 2 September 2010.