BRUSSELS (dpa-AFX) - Switzerland's economic growth eased in the fourth quarter of 2019 as exports lost momentum, data from the State Secretariat for Economic Affairs, or SECO, showed on Tuesday.
Gross domestic product grew 0.3 percent sequentially in the fourth quarter after expanding 0.4 percent a quarter ago. However, this was faster than the expected growth of 0.2 percent.
Meanwhile, on a yearly basis, economic growth improved to 1.5 percent from 1.1 percent in the third quarter. Economists had forecast an expansion of 1.3 percent.
The expenditure-side breakdown of GDP showed that economic growth was underpinned by domestic demand.
Household consumption advanced 0.4 percent and government spending increased 0.5 percent in the fourth quarter.
Investment in equipment climbed 2.4 percent thanks to investments in aircraft, which are generally highly volatile. Investment in construction rose 0.4 percent and by 0.9 percent in construction.
Meanwhile, exports of goods decreased 0.5 percent and imports of goods were down substantially by 2.7 percent. At the same time, exports of services gained 0.8 percent, while that of services declined 1.8 percent.
On the production-side, the manufacturing sector stagnated after four quarters of above-average growth as global headwinds hit cyclically sensitive sectors such as machinery and metals.
Construction grew 0.9 percent and trade expanded 1.2 percent. Finance and insurance gained 0.1 percent and business services grew 0.2 percent.
In 2019, the economy expanded 0.9 percent versus 2.8 percent growth in 2018. The annual expansion was driven by manufacturing and service sectors.
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