Investing.com - Switzerland’s economy expanded in the final three months of 2011, confounding expectations for a modest decline, official data showed on Thursday.
In a report, Switzerland’s Federal Statistical Office said the country’s gross domestic product increased by a seasonally adjusted 0.1% in the fourth quarter, confounding expectations for a modest 0.1% decline.
Switzerland’s economy grew by 0.3% in the preceding quarter, an upward revision from a previously reported 0.2% gain.
Switzerland’s economy grew at an annualized rate of 1.3% in the three months to December, above expectations for a 1.1% increase, after rising by 1.6% in the preceding quarter.
Positive growth came from gross fixed investments, private consumption as well as from the trade balance for goods.
On the production side, the development of value-added in the banking sector, insurances, real estate, IT and research and development all made a positive contribution to growth, whilst industry reported a reduction in the value-added.
Following the release of the data, the Swiss franc was fractionally higher against the U.S. dollar, with USD/CHF easing down 0.08% to trade at 0.9039.
In a report, Switzerland’s Federal Statistical Office said the country’s gross domestic product increased by a seasonally adjusted 0.1% in the fourth quarter, confounding expectations for a modest 0.1% decline.
Switzerland’s economy grew by 0.3% in the preceding quarter, an upward revision from a previously reported 0.2% gain.
Switzerland’s economy grew at an annualized rate of 1.3% in the three months to December, above expectations for a 1.1% increase, after rising by 1.6% in the preceding quarter.
Positive growth came from gross fixed investments, private consumption as well as from the trade balance for goods.
On the production side, the development of value-added in the banking sector, insurances, real estate, IT and research and development all made a positive contribution to growth, whilst industry reported a reduction in the value-added.
Following the release of the data, the Swiss franc was fractionally higher against the U.S. dollar, with USD/CHF easing down 0.08% to trade at 0.9039.