Swiss economy grew 1.9 percent last year

Swiss economy grew 1.9 percent last year
Photopress/Gaetan Bally (File)

The Swiss economy grew by 1.9 percent last year after expanding by 2.7 percent in 2010, preliminary data from the State Secretariat for Economic Affairs showed on Thursday.

In the last quarter of 2011, gross domestic product grew by 0.1 percent compared to a 0.3-percent expansion in the previous three-month period, SECO said.

In the last quarter, household demand sustained the Swiss economy, growing 0.4 percent from the previous three-month period. The equipment and machinery sector grew by 2.9 percent and construction grew by 1.9 percent, SECO said.

Merchandise exports also contributed to Swiss growth, increasing 2.8 percent in the final quarter.

Imports of goods and services, however, fell by 1.9 percent.