Switzerland continued its economic recovery in the first quarter, boosted by industry and a rebound in exports.
Gross domestic product increased 0.5%, beating the 0.3% median economists estimate. Manufacturing expanded 1.7% and goods exports jumped 1.4%, while services were held back at the start of the period by the most recent wave of the coronavirus pandemic and the accompanying restrictions, the State Secretariat for Economic Affairs said Tuesday.
While Russia’s Feb. 24 invasion of Ukraine is yet to show any material impact on Swiss economic data, central bank chief Thomas Jordan has warned there’s a risk that the war and the ensuing fallout may spur a more fragmented global economy and usher in a new wave of inflation and supply bottlenecks.
Switzerland, which has long tradition of neutrality, agreed to enforce European Union sanctions against Russian companies and individuals.
