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InvestmentsSwiss economic upswing continues during Q3 By Reuters

Swiss economic upswing continues during Q3 By Reuters

© Reuters. FILE PHOTO: Shoppers stroll alongside the road after the Swiss authorities relaxed a few of its COVID-19 restrictions, because the unfold of the coronavirus illness continues, on the Bahnhofstrasse buying road in Zurich, Switzerland March 1, 2021. REUTERS/Arnd W

ZURICH (Reuters) – The Swiss economic system grew by a weaker-than-expected 1.7% during the third quarter, the federal government stated on Friday, because the put up pandemic restoration continued between July and September.

The figures, which weren’t affected by the latest spike in Covid-19 circumstances in Switzerland, had been a slight deceleration from the 1.8% improve during the second quarter, and under the two.0% estimate in a Refinitiv forecast. [S8N2NQ00T]

“By the summer, most of the public health restrictions had been either lifted or considerably relaxed. Thus the strongest growth in the third quarter appeared in sectors that had been most affected by the precautionary measures,” stated the State Secretariat for Economic Affairs (SECO).

“Overall, GDP was more than 1% higher in the third quarter than the pre-crisis level seen in the fourth quarter of 2019,” it added.

The largest improve got here in lodging and meals providers, the place worth added greater than doubled in contrast with the earlier quarter, SECO stated.

Earlier this week, the federal government determined to carry off on new nationwide restrictions to curb rising coronavirus infections, as a substitute interesting to frequent sense and native measures to stem the rising tide of circumstances it described as “critical.”

Bern determined to go in a distinct path to neighbouring Austria, which has reintroduced a lockdown this week, forward of a Swiss vote to resolve the destiny of the nationwide authorities’s pandemic response powers.

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