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Switzerland’s GDP growth beats estimates, USD/CHF steady

Switzerland’s economy grew 0.3% quarter-on-quarter in Q4 of 2023, the latest data by the State Secretariat for Economic Affairs showed.

The latter matched the rate of growth in the previous quarter and exceeded a consensus of analyst estimates of a 0.1% expansion.

The country’s manufacturing sector registered a 0.1% contraction in Q4, as exports in the chemical and pharmaceutical industry dropped 2.3%.

On the other hand, Switzerland’s energy sector grew 4.3%, underpinned by hydro-power facilities.

Swiss accommodation and food services grew 3.5% in Q4, while health and social care services grew 1.4%.

Financial services registered a 1.0% growth in the final quarter of 2023, supported by commission business strength.

Private spending rose slightly below average, while investments in equipment and construction decreased.

In annual terms, the country’s GDP grew 0.6% in the fourth quarter, following a revised up 0.4% growth in Q3.

Considering the entire 2023, Switzerland’s economy expanded 0.8%, the data showed.

The USD/CHF currency pair was last little changed on the day to trade at 0.8786.

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