November 28, 2019 / 7:48 AM / 11 days ago

Drugs and energy help Swiss economy grows faster than expected during third quarter

ZURICH (Reuters) - The Swiss economy grew more strongly than expected during the third quarter with exports from the chemicals, pharmaceuticals and energy sectors helping the country outpace the neighboring Eurozone.

Swiss economic output increased by 0.4% from the second quarter, the State Secretariat for Economic Affairs (SECO) said on Thursday, accelerating from a 0.3% rise in second quarter and ahead of the 0.2% level in Refinitiv estimates.

The increase was faster than the 0.2% rate seen in the Eurozone, Switzerland’s biggest export market, which has been struggling with trade friction, uncertainties over Britain’s departure from the European Union and a slowdown in Germany.

Year on year, the Swiss economy grew by 1.1% during the third quarter, up from the 0.2% rate in the second quarter and ahead of the 0.8% forecast.

Reporting by John Revill

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