2018.09.0602:09:00UTC+00Swiss GDP Growth Slows Less Than Forecast

Switzerland's economic growth slowed in the second quarter but the pace of expansion exceeded expectations, figures from the State Secretariat for Economic Affairs revealed Thursday.

Gross domestic product grew 0.7 percent sequentially, slower than the 1 percent growth seen a quarter ago. The quarter-on-quarter growth was forecast to halve to 0.5 percent.

On a yearly basis, GDP growth improved to 3.4 percent in the second quarter from 2.9 percent in the preceding period. The economy was forecast to expand at a slower pace of 2.4 percent.

The breakdown of GDP showed that household and government spending advanced 0.3 percent and 0.1 percent, respectively.

Meanwhile, investment in equipment and software declined 0.3 percent, reversing a 1.9 percent rise a quarter ago.

At the same time, export of goods excluding valuables grew 2.6 percent amid a 1.1 percent decrease in imports.