Switzerland’s economy recovered from the COVID slump in the second quarter, the State Secretariat for Economic Affairs reported Thursday.
Gross domestic economy grew 1.8 percent sequentially, reversing a 0.4 percent fall in the first quarter and a 0.1 percent drop in the fourth quarter of 2020. But this was slower than the 2 percent growth forecast by economists.
In the second quarter, total GDP was only 0.5 percent lower than the pre-crisis level seen in the fourth quarter of 2019.
Value added grew markedly in the service sector as a result of relaxed COVID measures in the second quarter. Industry also grew, although not as strongly as in previous quarters, data showed.
On a yearly basis, GDP was up 7.7 percent, in contrast to the 0.7 percent fall in the first quarter. Economists had expected an annual growth of 9 percent.