Swiss 2007 Growth Figures Revised Upwards
According to figures from the Federal Statistics Office(FSO) regarding the annual national accounts, the Swiss economy recorded even stronger gross domestic product (GDP) growth in 2007 than previous estimates had suggested. The country's GDP grew by 3.3% in real terms in 2007, the FSO announced. A growth rate of 3.1% had orginally been recorded. The strong growth has, in part, been attributed to Switzerland's financial sector,
which continued to expand despite looming threats from the current credit crunch. A report released by the FSO on Friday stated that: "At current prices the GDP increased by 5.2%. Taking into account the
rise in the general price level, at the previous year's prices the GDP increased
by 3.3% compared to 3.4% in 2006. The gross national income (GNI) at current
prices shows a less significant positive development (+2.8%)." However, with regard to the likely effects of the credit crunch, the FSO warned that: "While the crisis had no direct impact on the output of the financial
institutions located in Switzerland and on GDP 2007, indirect effects could
show up in 2008." .
|
|
IMPORTANT NOTICE: THE LOWTAX NETWORK has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright THE LOWTAX NETWORK 1999 to 2009. Contact us for further information.