Swiss Industrial Output Shrinks 7.1% In Q1

(RTTNews) - Switzerland's industrial production declined at the steepest pace in nearly six years, provisional data from the Federal Statistical Office showed on Thursday.

Industrial production plunged 7.1 percent year-over-year in the first quarter, much faster than the 0.4 percent drop in the fourth quarter. Further, this was the fastest decrease since the second quarter of 2020.

Among sectors, manufacturing output logged a renewed contraction of 7.1 percent, and the energy supply segment continued to decline by 6.9 percent. On the other hand, mining and quarrying output grew at an accelerated pace of 3.7 percent.

On a seasonally adjusted basis, industrial output dropped 1.6 percent quarterly, after falling 2.9 percent in the previous quarter.