The Swiss economy stagnated in the second quarter, following a recovery at the beginning of the year, as reduced investments offset stable personal consumption, the Federal Department of Economic Affairs (SECO) announced.
Gross Domestic Product (GDP) remained at the level from the first three months of this year when it increased by 0.9 percent, excluding sporting events. Including sporting events, along with related recreational activities, as well as the export and import of services, shows stagnation in activity during the period from April to June and slower GDP growth in the first three months of this year, by 0.3 percent.
Value added in the industry decreased during the period from April to June, while the service sector again recorded above-average growth, according to ministry data.
Personal consumption increased by 0.4 percent, while government consumption was almost unchanged compared to the first three months of this year. Company investments in equipment and software decreased by 3.7 percent.
Goods exports fell by 1.2 percent while services exports increased by 2.6 percent. The most pronounced decrease was in goods imports, which fell by as much as 7.2 percent, while services imports increased by 1.5 percent.
On an annual basis, the Swiss economy grew by only 0.5 percent in the period from April to June, following a 1.5 percent increase in the first three months of this year.
When excluding sporting events, the growth rate in the second quarter was 1.1 percent, and at the beginning of the year, it was 1.8 percent.
