Swiss Economy Stagnates in Second Quarter

Schweizer Radio und Fernsehen (SRF)

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Gross domestic product (GDP) rose by only 0.1 percent in the second quarter of the previous quarter.

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Swiss economic growth slowed sharply in the second quarter, after 0.8 percent growth in the first quarter, the country grew by 0.1 percent in the second, according to data from the Swiss economy ministry. Exports fell as companies stockpiled goods ahead of new high tariffs in the United States, AFP news agency reported.

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The Swiss economy stopped dry in the second quarter after only 0.1 per cent progress against the 0.8 per cent growth recorded in the first in the framework of the trade war opened by the President of the United States, Donald Trump, which has imposed tariffs on the European nation of 39 per cent.

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Between April and June, Switzerland's gross domestic product (GDP) increased by only 0.1% quarter-on-quarter, excluding the impact of sporting events, according to an initial estimate from the State Secretariat for Economic Affairs (SECO).