Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Majority of EU citizens 'support transatlantic trade deal'

Read more

THE INTERVIEW

Ukraine's finance minister: Kiev 'needs a substantial amount of money'

Read more

MEDIAWATCH

Twitter storm as IMF boss hails late Saudi king as 'strong advocate of women'

Read more

FASHION

Paris Men's Fashion, Fall/Winter 2015: Freedom of speech triumphs

Read more

BUSINESS DAILY

Greece 'set to run out of money by March'

Read more

IN THE PAPERS

'Syriza has opened a breach'

Read more

IN THE PAPERS

Greece's political earthquake

Read more

WEB NEWS

Hashtag battle over Venezuelan president's address to nation

Read more

EYE ON AFRICA

DR Congo: Senate amends controversial constitutional law

Read more

Business

Now it's Switzerland's turn to enter recession

Latest update : 2009-06-02

Switzerland posted a 0.8% drop in its GDP in the first quarter after it had shrunk 0.3% in the last quarter of 2008, according to government data, meaning the country has officially entered a recession.

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 Tuesday.
  
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.

Date created : 2009-06-02

COMMENT(S)