The Swiss economy also took over the third quarter

Swiss economy out of recession and took over the third quarter. Gross domestic product (GDP) of the country grew by 0.3 percent compared to second quarter, according to the State Secretariat for Economic Affairs (SECO).

Yesterday it became clear that Canada is another country that emerges from the crisis in the third quarter. The economies of Germany, France, USA, Japan, Norway, Australia and South Korea started to grow more in the second quarter.
Analysts had expected the Swiss economy to grow by 0.3 percent in the second quarter compared with the previous, when it shrank by 0.3 percent on a quarterly basis.
Country’s economic growth is driven by the improvement of the surplus in trade balance, and the growth of value added in the services sector. Moreover, private consumption and investment in the housing sector continues to grow for the second consecutive quarter.
Swiss industry, however, continues to shrink. Precarious state of its economy is demonstrated by data showing that the country’s GDP is by 1,2 percent less than in the third quarter of last year. It was then that Switzerland’s economy began to shrink, and then followed four consecutive decline in GDP, which was the largest during the first three months of this year.
Next week is expected this year for the last decision of the Swiss interest central bank, as analysts said the base rate in the country will remain at the level of 0,25 per cent.

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Finance