Swiss 2007 Growth Figures Revised Upwards

by Ulrika Lomas, for LawAndTax-News.com, Brussels

29 August 2008

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."

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