Swiss economic output up 0.2% in second quarter

The Swiss State Secretariat for Economic Affairs (SECO) indicated Friday that Switzerland's real gross domestic product (GDP) increased by 0.2 percent in this year's second quarter relative to the first three months of 2015.

Figures show that because imports fell more than exports, the balance in trade in goods had a positive impact on GDP growth, while the balance of trade in services had a negative one.

SECO reported that consumer spending together with government investment helped redress Switzerland's economy which many had expected to enter technical recession (two consecutive quarters of negative economic growth) after the 0.2 percent GDP contraction in Q1 2015.

According to figures, both investments in capital goods and investments in the construction sector rose by 1.5 and 0.1 percent respectively in this year's second quarter after having decreased in the first.

Similarly, exports of goods witnessed a 0.5 percent rise compared to first quarter figures, as the watch making, jewelry, precision instruments and chemical and pharmaceutical industries made positive contributions to the confederation's economic output.

At the other end of the spectrum, imports of good registered a 3.6 percent decline, with SECO indicating that such a large decrease recorded over one quarter is uncommon.

Statistics show that compared to Q2 2014 GDP results, this year's economic output over the same period has grown by 1.2 percent.