Tuesday June 2, 08:10 AM
Switzerland enters recession in first quarter
BERN (AFP) - Switzerland officially entered a recession in the first quarter when its economy shrank by 0.8 percent compared to the previous three months, government data showed.
The country's gross domestic product (GDP) had shrunk by 0.3 percent in the last quarter of 2008, according to the data from the economy ministry. A recession is defined as two quarters of GDP contraction in a row.
"Negative pressures came mainly from foreign trade," with exports down 5.4 percent, the ministry said in a statement.
On a 12-month comparison, Swiss GDP fell even more sharply, down 2.4 percent in the first quarter compared to the same period in 2008. Analysts had forecast a 12-month contraction of up to two percent, according to finance agency AWP.
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