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Swiss Economy Unexpectedly Shrinks In Q3

Switzerland's economy shrunk in the third quarter, defying expectations for further growth, preliminary figures from the State Secretariat for Economic Affairs, or SECO, showed on Thursday.

Gross domestic product decreased 0.2 percent from the second quarter, when the economy expanded 0.7 percent. Economists had forecast 0.4 percent growth.

Both the industrial and service sectors contributed to the negative quarterly result, the SECO said.

"The strong, continuous growth phase enjoyed by the Swiss economy for one and a half years was suddenly interrupted," the SECO said.

"Switzerland is thus following the significant economic downturn seen at the same time in other European countries, particularly Germany."

Compared to the same period a year ago, the GDP rose 2.4 percent in the third quarter following 3.5 percent growth in the second quarter. Economists were looking for a 2.9 percent increase.

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