Switzerland’s economic growth eased sharply in the fourth quarter as the restrictions imposed to contain the coronavirus pandemic weighed heavily on the service sector, the State Secretariat for Economic Affairs, or SECO, said Friday.
Gross domestic product gained 0.3 percent sequentially, much slower than the 7.6 percent expansion seen in the third quarter. GDP was forecast to climb 0.1 percent.
On a yearly basis, GDP dropped 1.6 percent, following a 1.4 percent decrease in the third quarter. However, this was slower than the 2.1 percent decrease economists’ had forecast.
The second wave of the coronavirus until the end of 2020 had much less of an impact on the economy than the first wave did last spring, the agency said.
Data showed that major losses were reported in the services directly affected by the tightening of the containment measures, while other industries continued to recover.
The material has been provided by InstaForex Company – www.instaforex.com