Swiss economy grows faster than expected in third quarter

Thu Nov 29, 2012 1:53am EST

* Economy grew 0.6 pct q/q in third quarter

* Analysts had predicted Q3 growth of 0.2 pct q/q

ZURICH Nov 29 (Reuters) - The Swiss economy grew by 0.6 percent in the third quarter from the previous quarter, data showed on Thursday, recovering from a slight contraction the second quarter as government spending rose and exports held up despite the strong franc.

Analysts polled by Reuters had forecast a third-quarter growth rate of 0.2 percent after a surprise 0.1 percent contraction in the second quarter.

Year-on-year, gross domestic product rose 1.4 percent, compared with a rise of 0.9 percent in a Reuters poll and from a revised 0.3 percent growth in the previous three months, the State Secretariat for Economics said.

Swiss National Bank Chairman Thomas Jordan said on Wednesday the country must keep the lid the central bank has imposed on the safe-haven Swiss franc for the foreseeable future or risk threatening price stability and economic growth.

(Reporting by Emma Thomasson)

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