Switzerland's economic growth accelerated unexpectedly in the third quarter driven by exports, figures from the State Secretariat for Economic Affairs, or SECO, revealed Thursday.
Gross domestic product grew 0.4 percent sequentially in the third quarter, after rising 0.3 percent a quarter ago. Economists had forecast the rate to ease to 0.2 percent.
On a yearly basis, growth advanced to 1.1 percent from 0.2 percent in the second quarter. This was also faster than the expected 0.8 percent expansion.
The expenditure-side breakdown of GDP showed that private and government spending grew 0.2 percent and 0.5 percent, respectively. Equipment and software investment advanced 0.7 percent and construction investment climbed 0.2 percent.
Exports of goods excluding valuables gained 0.7 percent and that of services moved up 1.1 percent. Likewise, imports of goods excluding valuables rose 1.1 percent and imports of services gained 0.9 percent.