Growth between July and September, before the recent surge in coronavirus cases, decelerated from the 1.8% increase during the second quarter, and was below the 2.0% estimate in a Refinitiv forecast. [S8N2NQ00T]
A worsening situation at home, increased restrictions abroad and the difficulty for companies to get parts and raw materials because of jammed supply chains, means economic development is likely to decelerate further during the fourth quarter.
The catch-up effect from previous months is also starting to fade, said Ronald Indergand, an economist at the State Secretariat for Economic Affairs (SECO), which released the figures on Friday.
“There are significant headwinds, particularly related to the pandemic development in other countries which have triggered new lockdowns and also if Switzerland would substantially tighten its own restrictions,” Indergand told Reuters.
Earlier this week, the government decided to hold off…