ZURICH (Reuters) – The Swiss economy grew stronger than expected in the first quarter, official statistics showed on Tuesday, supported by solid domestic demand and an increase in exports.
Gross domestic product (GDP), corrected for the effects of sporting events, increased by 0.5% compared to the last three months of 2022, during which the economy had stagnated, announced the State Secretariat for the Economy. (Seco).
Economists polled by Reuters forecast growth of 0.1% on average and the highest of their estimates was 0.4%.
On an annual basis, Swiss GDP posted growth of 0.9% in January-March, faster than that of 0.6% in the fourth quarter and above the consensus, which gave it 0.6%.
After a long period of decline, the manufacturing industry is growing again, at 0.3% in quarterly variation. Private consumption increased by 0.6% and exports of goods by 4%.
“Driven by the travel sector, which continues to reinvigorate, value creation recorded above-average growth in the transport and communication sector (+0.7%) and in the hotel and catering industry ( +1.0%),” Seco said in a statement. .
While consumer spending on services evolved positively, spending on goods and goods was more subdued, with value creation in retail trade falling by 0.4%.
(John Revill, Laetitia Volga, edited by Blandine Hénault)
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