BERN: Switzerland’s economy grew at a slower pace than expected in the three months to June as growth provided by the financial sector and hotels was offset by “sluggish” growth for trade and public administration.
Gross domestic product grew 0.3 per cent quarter on quarter in the three months to June, according to the State Secretariat for Economic Affairs, coming in below economists’ estimates compiled by Reuters of 0.5 per cent growth. The hotel and catering industry grew 3.4 per cent and the financial sector grew 2.7 per cent in the second quarter, while trade contracted 0.2 per cent and public administration slipped 0.1 per cent, characterised by by the secretariat as “sluggish”. The Swiss economy grew 0.3 per cent year on year in the second quarter, coming in well below estimates of 1.1 per cent growth.
