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Switzerland's State Secretariat for Economics (SECO) released gross domestic product (GDP) figures on Wednesday. Switzerland's GDP rose 0.6% in the third quarter, beating expectations for a 0.3% increase, after a 0.3% gain in the second quarter. The second quarter's figure was revised up from a 0.2% gain.
The increase was driven by private consumption and exports of chemical and pharmaceutical products. Private consumption rose 0.6% in the third quarter, while exports climbed 4.7%.
On a yearly basis, Switzerland's economy grew at 1.9% in the third quarter, missing expectations for a 1.4% rise, after a 1.6% increase in the second quarter. The second quarter's figure was revised up from a 1.4% rise.
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