Investing.com – Switzerland’s economy grew at a faster pace than expected in the third quarter of 2010, 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 0.7% in the third quarter, compared to growth of 0.8% in the preceding quarter, whose figure was revised down from 0.9%.
Analysts had expected Switzerland’s gross domestic product to grow by 0.5% in the third quarter.
The report also showed that year-on-year, annualized seasonally adjusted GDP grew by 3.0% in the third quarter, after expanding by 2.4% in the preceding quarter.
Analysts had expected annualized real GDP to grow by 3.1% in the third quarter.
The data primarily reflected increased levels of domestic demand, while foreign trade had considerably diminished GDP development, especially when including the services sector.
Following the release of the data, the Swiss franc was up against the U.S. dollar, with USD/CHF shedding 0.005% to hit 1.0022.
In a report, Switzerland’s Federal Statistical Office said the country’s gross domestic product increased by a seasonally adjusted 0.7% in the third quarter, compared to growth of 0.8% in the preceding quarter, whose figure was revised down from 0.9%.
Analysts had expected Switzerland’s gross domestic product to grow by 0.5% in the third quarter.
The report also showed that year-on-year, annualized seasonally adjusted GDP grew by 3.0% in the third quarter, after expanding by 2.4% in the preceding quarter.
Analysts had expected annualized real GDP to grow by 3.1% in the third quarter.
The data primarily reflected increased levels of domestic demand, while foreign trade had considerably diminished GDP development, especially when including the services sector.
Following the release of the data, the Swiss franc was up against the U.S. dollar, with USD/CHF shedding 0.005% to hit 1.0022.