The Swiss economy expanded at a notably faster rate in the first quarter, and the rate of growth exceeded economists' expectations, latest data showed Thursday.
Gross domestic product (GDP), on a seasonally adjusted basis, increased 0.6 percent sequentially in the first quarter, faster than the revised 0.3 percent gain in the fourth quarter, the State Secretariat for Economic Affairs (SECO) said. Economists had forecast the growth rate to stay unchanged at fourth quarter's originally recorded 0.2 percent.
The faster growth mainly reflected a 0.6 percent expansion in private consumption expenditure, and a 0.3 percent growth in investments in the construction sector, the agency said.
These positive contributions were partially offset by a 0.9 percent fall in public consumption and negative growth in investments in machinery and equipment.
Year-on-year, GDP grew 1.1 percent in the first three months of 2013, after gaining 1.4 percent in the fourth quarter. The annual growth rate was forecast to ease to 1 percent.
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