the Swiss economy Oil prices fell for the first time in more than two years in the third quarter, largely due to the impact of the 39% tariffs announced by the US president in July. Donald TrumpOn Swiss goods. the gross domestic product The country’s GDP fell by 0.5% compared to the previous quarter, according to an estimate released on Monday (17) by the Swiss State Secretariat for Economic Affairs (Seco).
This number is lower than the expectations made by economists in Bloomberg Agency, Which estimates a decline of only 0.1%. The forecast also indicates a reversal of the 0.1% growth the country saw in the second quarter of the year, ending in June, before US tariffs on the country’s goods took effect.
“Due to the sharp decline in value added in the chemical and pharmaceutical sector, the industry as a whole recorded negative growth,” SICO said in a statement.
Last Friday (14), the United States announced a reduction in customs duties on Switzerland, which have now reached a level of 15%, in line with neighboring countries. European Union.
For the country’s central bank, the agreement represents relief for vital sectors of the local economy, such as the watch industry, food and chemical products. Other important exports, such as medicines and gold, were and remain exempt from US tariffs.
Economy Minister Guy Parmelin said on Sunday (16) that the agreement is “the best we can achieve.” The final reading of Swiss GDP for this quarter will be published on November 28.
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