Switzerland’s [economy][1] contracted at a record pace in the second quarter as economic activity was severely restricted amid the coronavirus pandemic, data published by the State Secretariat for Economic Affairs, or SECO, showed Thursday.
Gross domestic product fell 8.2 percent sequentially in the second quarter after falling 2.5 percent in the previous quarter.
This was the sharpest fall since records began in 1980. Economists had forecast a quarterly contraction of 8.6 percent.
Compared to the situation in the fourth quarter, before the [coronavirus][2] crisis, GDP slumped by a total of 10.5 percent in the first half of 2020.
On a yearly basis, GDP declined 9.3 percent versus a 0.7 percent drop in the first quarter and economists’ forecast of -9.6 percent.
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