16.12.200803:51:00UTC+00Swiss Industrial Production Drops More than Expected in Q3

Tuesday, the Swiss Federal Statistical Office said industrial production decreased 5.2% in the third quarter from the second. The decrease was steeper than a 2.3% fall economists predicted. Meanwhile, the statistical office upwardly revised second quarter growth to 9.3% from 8.9%.

Further, industrial production annual growth slowed significantly to 0.7% in the third quarter from revised 6.4% growth in the previous three-month period. Economists were expecting output put to grow 3.4% annually. At the same time, the second quarter growth was upwardly revised from 6.1% reported initially.

Compared to the same quarter a year earlier, industrial turnover rose 4.6% in the third quarter and orders on hand were up 9.3%. Stocks of finished products grew 15%, while orders received registered an increase of 3.1%.

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