Switzerland's
economy failed to grow in the second quarter of the year, according to the
country's State Secretariat for Economics.
The
much weaker-than-expected figure came after exports were affected by weakness
in the rest of Europe and construction spending fell.
The
zero growth in the quarter was the weakest performance for two years.
Compared
with a year earlier gross domestic product (GDP) was 0.6% higher, well below
forecasts of 1.7%.
"For
us it's really below expectations. We expected a bit more growth," said
Maxime Botteron from Credit Suisse.
"The
trend in exports is not a big surprise. Trade data so far already pointed to a
rather weak contribution of exports. What is a bit more surprising is the weak
investment spending, especially in the construction sector."
At
the weekend, the chairman of the Swiss National Bank, Thomas Jordan, said that
macroeconomic and geopolitical risks may lead to the bank cutting growth
forecasts.
Figures
released last month showed that the eurozone - a key export market for
Switzerland - recorded zero growth in the second quarter of the year.
The
lack of growth has raised the pressure on the European Central Bank - which
holds its latest meeting on Thursday - to take measures to stimulate the
eurozone.
BBC
Business
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