ZURICH (Reuters) – The Swiss economy grew by 0.4% during the first quarter of 2022, the government said on Tuesday, driven by a strong uptick in manufacturing as international demand recovered following the pandemic.
When sporting events were not taken into account, GDP grew 0.5% during the quarter.
Higher inflation and the conflict in Ukraine are yet to dampen the upturn as demand for Swiss machinery, watches and jewellery increased.
The quarterly increase was slightly stronger than the 0.3% growth rate in the fourth quarter of 2021 and expectations for a 0.3% increase. [S8N2XI0B7]
Year on year, Switzerland’s economy grew by 4.2% in the January to March period, up from the 3.6% rate in the fourth quarter of 2021.
“The recovery continued as expected, driven largely by the
industrial sector,” said the State Secretariat for Economic Affairs (SECO), which compiled the figures.
“This was accompanied by stronger growth in goods exports than the historical average.”
Industrial output increased by 1.7%, despite a slowdown in the chemicals and pharmaceuticals sectors, fuelled by strong demand…
