Swiss GDP Logs Moderate Growth

(RTTNews) - Switzerland's economy logged a moderate growth in the fourth quarter of 2023, data published by the State Secretariat for Economic Affairs, or SECO, showed on Thursday.

Gross domestic product grew 0.3 percent sequentially, the same rate as seen in the third quarter.

The economy continued its below-average growth. However, this was faster than economists' forecast of 0.1 percent.

On a yearly basis, GDP posted an expansion of 0.6 percent, which was faster than the 0.4 percent rise in the preceding period. GDP was expected to advance 0.7 percent.

GDP growth in 2023 was 1.3 percent after 2.5 percent in the previous year. The slowdown was related to the process of normalization following the COVID-19 crisis. Moreover, the challenging global environment weighed on economic development.