Home > News > World
Thursday February 27, 2014 MYT 3:35:02 PM
Thursday February 27, 2014 MYT 3:35:51 PM
ZURICH (Reuters) - The Swiss economy grew by 0.2 percent in the fourth quarter from the previous quarter, the State Secretariat for Economic Affairs (SECO) said on Thursday.
The year-on-year increase was 1.7 percent.
CLAUDE MAURER, CREDIT SUISSE:
"The lower reading is mainly due to leaner net exports in goods and services. These are quite volatile so I would not overestimate the Q4 figure. The consensus is still for growth ahead."
TONY NYMAN, INFORMA GLOBAL MARKETS:
"The data of 0.2 percent quarter-on-quarter and 1.7 percent year-on-year is a slight disappointment, softer than forecast, but does include a year-on-year higher revision. It is the worst quarterly showing since the second quarter of 2012 and compares unfavourably with current leading indicators such as the continually improving KOF.
"However, the data overall shows an economy continuing its slow growth and perhaps to be further supported in 2014 by the tentatively improving economic picture in the euro zone. For now, we see no policy implications near-term, with the SNB reiterating its support for the 1.20 peg this month.
"Forex wise, we are not expecting a lasting market impact either, although the Swiss franc has been a relative outperformer over recent sessions, inevitably attracting a safe haven bid on China economic outlook and geopolitical (mostly Ukraine) worries."
((Zurich newsroom +41.58.306.7336; fax +41.44.251.0476; firstname.lastname@example.org))
Italy recession drags on but GDP falls less than expected
Recovering Swiss economy stumbles in fourth quarter
Prolonged government shutdown could take big bite out of U.S. growth
German, French economies contract in fourth quarter
Instant View - German economy shrinks 0.6 percent in fourth quarter on weak exports
Spain urges Cuba to grant free travel to dissidents
Australian minister apologises for submarine firm canoe remark
Sierra Leone Ebola burial workers dump bodies in pay protest
Domestic pressures in U.S., Iran threaten slow-moving nuclear talks
Syrian government air strikes kill 63 in Raqqa - monitoring group
Argentina president, back after sick leave, vows to fight hedge funds
Eleven more spectacular places!
Microsoft to pay China US$140mil for tax evasion
Colourful day out for kids
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)