Swiss economic growth unexpectedly slowed at the start of the year as weak international demand weighed on exporters, according to a first government estimate.

Gross domestic product — adjusted for large sports events — increased 0.2% compared to the previous quarter, the State Secretariat for Economic Affairs said on Thursday. Economists in a Bloomberg survey had expected momentum of 0.3% to be maintained.  

While exports are weighing on Swiss manufacturing, low unemployment is bolstering consumption, particularly in services. Economists at UBS noted earlier this week that the country is in an “industrial recession,” citing the local purchasing managers’ index, which has been below the growth threshold for more than a year.

Switzerland’s growth figures are typically published 60 days after the end of a quarter. To match international peers’ earlier publication schedules, the SECO now provides a so-called flash GDP number. That means a first estimate will always be available at the 45-day mark.

The final data for the first quarter are due May 30.