The Swiss economy grew at a slower pace in the fourth quarter due to the restrictive measures associated with the pandemic weighed on activity, the State Secretariat for Economic Affairs, or SECO, said on Monday.
Gross domestic product grew 0.3 percent sequentially in the fourth quarter, much slower than the 1.9 percent expansion seen in the third quarter. Growth was forecast to slow to 0.4 percent.
On a yearly basis, GDP growth slowed marginally to 3.7 percent, as expected, from 3.8 percent in the prior quarter.
In the whole year of 2021, GDP was up 3.7 percent, in contrast to the 2.4 percent slump in 2020. The manufacturing industry grew the most, driven by robust exports. The service sector also recovered.