September 5, 2019 / 6:03 AM / 5 months ago

Swiss economic growth slowed during second quarter

ZURICH, Sept 5 (Reuters) - The Swiss economy decelerated in the second quarter to a growth rate of 0.3%, from a downwardly revised 0.4% in the previous period, as the country felt the effect of the slowdown in neighbouring Germany and escalating trade tensions.

The quarter-on-quarter growth rate, released on Thursday by the Swiss government, did beat the 0.2% growth seen by analysts in a Reuters poll.

“The development of domestic and foreign demand was weak, as in other European countries, which had a particularly negative impact on the service sectors,” the government said.

The export-dominated Swiss economy grew by 0.2% compared with the year-earlier quarter, weaker than the 0.9% forecast. The Swiss government said in June said it expects an annual growth rate of 1.2%, although it is due to update its forecasts on Sept. 17. (Reporting by John Revill)

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