Climate Change Contributes to Surprise Fall in Swiss GDP

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Third quarter Swiss GDP figures released yesterday show Switzerland’s economy shrank compared to the quarter before.

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GDP for the quarter to September was down by 0.2% compared to the quarter before, ending an 18-month run of quarterly growth.

The fall in Swiss GDP follows a quarterly slowdown across the rest of Europe, in Germany in particular. A fall in the output of Germany’s automotive sector has had a knock on effect in Switzerland. Swiss manufacturing output, which includes industries reliant on automotive, was down by 0.6% in the third quarter.

Another sector feeling the pinch was energy¹, which fell by 2.2% in the third quarter compared to the quarter before. A dry summer cut hydroelectric power generation.

Swiss Meteo expects summer heatwaves like the one this year every 5 to 10 years assuming a middle greenhouse gas emission scenario.

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Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to a niche client base in three principal markets, the United Kingdom, South Africa and Australia, as well as certain other geographies. Investec’s strategic goals are motivated by the desire to develop an efficient and integrated business on an international scale through the active pursuit of clearly established core competencies in the group’s principal business areas.

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