SWITZERLAND’S economy expanded by 0.2 percent in the second quarter of this year, the economic affairs ministry said Friday, allowing the country to dodge a recession.

    The meagre growth from the first quarter came after the Swiss economy contracted by 0.2 percent during the first three months of the year, which had left many analysts forecasting that the wealthy Alpine nation would slip into recession.

    Analysts polled by the AWP financial news agency had expected to see the country’s gross domestic product shrink by as much as 0.3 percent compared with the previous quarter.

    The Swiss economy meanwhile grew by 1.2 percent compared with the same period a year earlier, again beating analysts’ expectations that it would grow by up to 0.9 percent.

    The GDP growth can especially be attributed to a steep drop in imports.

    The economic affairs ministry SECO said the imports of goods, except for non-monetary gold and valuables, had slumped 3.6 percent during the second quarter, stressing that “such a considerable decline for this category in one quarter is uncommon.”

    Exports, which slid slightly during the first three months of the year, meanwhile grew slightly during the second quarter.

    SECO said exports, excluding non-monetary gold, valuables and merchanting, grew 0.5 percent, boosted especially by swelling exports of watches, jewelry and precision instruments, as well as in the chemical and pharmaceutical industries.

    Household consumption meanwhile inched up 0.3 percent during the quarter, while general government consumption grew 0.2 percent.(SD-Agencies)