Switzerland’s economy contracted sharply in the third quarter, as exports were hit by a steep US tariff that was revised under a new deal on Friday.
GDP fell by 0.5 per cent between July and September compared with the previous three months, the Swiss statistical office said on Monday, a bigger drop than the 0.1 per cent expected by analysts polled by Bloomberg. The Swiss economy eked out 0.1 per cent growth in the second quarter.
US President Donald Trump hit Switzerland in August with an unexpected 39 per cent tariff, which was finally softened in the deal struck on Friday.
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