Investing.com – Switzerland’s economy grew at a faster pace than expected in the fourth quarter of 2010, official data showed on Tuesday.
In a report, Switzerland’s Federal Statistical Office said the country’s gross domestic product increased by a seasonally adjusted 0.9% in the fourth quarter, compared to growth of 0.8% in the preceding quarter, whose figure was revised up from 0.7%.
Analysts had expected Switzerland’s gross domestic product to grow by 0.5% in the fourth quarter.
Switzerland’s economy grew at an annualized rate of 3.1% in the fourth quarter, after rising by 2.6% in the preceding quarter, exceeding expectations for growth of 2.7%.
Positive growth came from investments, the trade balance for goods as well as from private consumption. On the production side, industry and banking business contributed to growth.
Following the release of the data, the Swiss franc was down against the U.S. dollar, with USD/CHF gaining 0.21% to hit 0.9308.
In a report, Switzerland’s Federal Statistical Office said the country’s gross domestic product increased by a seasonally adjusted 0.9% in the fourth quarter, compared to growth of 0.8% in the preceding quarter, whose figure was revised up from 0.7%.
Analysts had expected Switzerland’s gross domestic product to grow by 0.5% in the fourth quarter.
Switzerland’s economy grew at an annualized rate of 3.1% in the fourth quarter, after rising by 2.6% in the preceding quarter, exceeding expectations for growth of 2.7%.
Positive growth came from investments, the trade balance for goods as well as from private consumption. On the production side, industry and banking business contributed to growth.
Following the release of the data, the Swiss franc was down against the U.S. dollar, with USD/CHF gaining 0.21% to hit 0.9308.