Swiss economy remains on course for recovery
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- 05 Sep 2022
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The economic recovery in Switzerland continued in the second quarter of 2022. After the corona measures were lifted, value added in the service sector increased and consumers were more willing to spend.
All in all, gross domestic product (GDP) rose by 0.3 percent in the period from April to June 2022 compared to the first quarter of the year, as announced by the State Secretariat for Economic Affairs (Seco) on Monday. In the first quarter, growth was still 0.5 percent.
According to the statisticians, GDP rose by 2.8 percent compared to the same quarter of the previous year, in which even stricter corona restrictions applied.
The increase is therefore at the upper end of expectations. Economists surveyed by the AWP news agency had seen the development compared to the previous quarter at +0.2 to +0.5 percent.
According to Seco, the service sector in particular contributed to the growth. The hospitality industry reported the strongest growth here. With the end of the corona measures, private consumption also rose sharply. For example, households increased their spending on hotel and restaurant visits. Read More…
