02.09.202113:08:00UTC+00Swiss Economy Recovers In Q2

Corrects intro

Switzerland's economy recovered from the COVID slump in the second quarter, the State Secretariat for Economic Affairs reported Thursday.

Gross domestic economy grew 1.8 percent sequentially, reversing a 0.4 percent fall in the first quarter and a 0.1 percent drop in the fourth quarter of 2020. But this was slower than the 2 percent growth forecast by economists.

In the second quarter, total GDP was only 0.5 percent lower than the pre-crisis level seen in the fourth quarter of 2019.

Value added grew markedly in the service sector as a result of relaxed COVID measures in the second quarter. Industry also grew, although not as strongly as in previous quarters, data showed.

On a yearly basis, GDP was up 7.7 percent, in contrast to the 0.7 percent fall in the first quarter. Economists had expected an annual growth of 9 percent.