Swiss Economy Contracts 0.1% in Q2

Swiss economy contracted for the first time in nine months, falling 0.1 percent compared with the first quarter as the impact of the euro zone crisis weighed on the country's exports.

Consumer spending climbed 0.3 percent sequentially, but down from the 0.9 percent growth in the first quarter. On the other hand, government spending recovered from the prior quarter. General government expenditure rose 1 percent, offsetting the 0.4 percent fall in first quarter.

Gross fixed capital formation remained flat following a 0.2 percent rise in the first quarter.

Exports of goods, excluding valuables, slipped 0.7 percent. Likewise, imports were down 0.5 percent, reflecting weak auto imports. At the same time, domestic demand was down 0.2 percent.

On a yearly basis, economic growth more than halved to 0.5 percent from 1.2 percent.

Swiss Economy Contracts 0.1% in Q2, SECO
9/4/2012 12:16:08 PM