"It's a positive sign in that other industrial countries went downhill toward year's end"
- Alexander Koch, an economist at UniCredit SpA (UCG)
The growth of the Swiss economy slowed in the last three months of 2012. However, despite a slowdown it performed better than most analysts had forecasted and better than other European countries. According to the Federal Statistical Office, nation's gross domestic product grew by 0.2% in the fourth quarter of 2012, compared to a 0.6% rise in the previous quarter, while well above analysts' expectations, who called for a zero figure. The growth was mostly provided by increased private and government consumption, which both increased markedly, by 1.1% over the previous quarter. Better-than-expected growth, improved consumer sentiment and first expansion of the manufacturing sector in 17 months in January as well are adding to signs the economy is gaining pace. The report also showed that the growth rate over the whole year 2012 stood at 1.0% at constant prices and of 1.1% at current prices.
"It's a positive sign in that other industrial countries went downhill toward year's end," said Alexander Koch, an economist at UniCredit SpA (UCG) in Munich. "If you look at the indicators the positive momentum should continue. We expect a slight acceleration in the course of the year."
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