Switzerland GDP grows 1.5% in second quarter

Switzerland’s economy grew 1.5% in the second quarter, up from 0.4% in the first three months of the year, the economy ministry said Friday in initial estimates.

The ministry said the industrial sector made a major contribution to growth, led by the chemical and pharmaceutical industries. It said the services sector also grew overall.

Detailed figures are due to be released on September 3.

The Swiss customs office had already reported a 1.7% rise in exports in the second quarter, after a 0.3% increase in the previous quarter.

Capital Economics said in a research note after the GDP release that early signs suggested momentum would continue into the third quarter. It said it had pencilled in a 1.0% quarter-on-quarter rise in GDP for the third quarter, while the indicators suggested growth could be stronger.