Switzerland economy shrinks 2.6pc in Q1

4 June, 2020 12:00 AM printer

ZURICH: Switzerland's economy shrank 2.6 percent during the first three months of the year compared to the previous quarter, as the coronavirus crisis took a heavy toll, official statistics showed Wednesday.

Switzerland, which had registered a 0.3-percent rise in its gross domestic product during the final quarter of 2019, saw the pandemic and the measures taken to halt the spread of the virus severely restrict economic activity, the economic affairs ministry (SECO) said in a statement, reports AFP.

The international economic slump also slowed exports in the wealthy Alpine nation, it said, adding though that exports had swung back into positive territory, saved by the country's large pharmaceutical sector.