Hypo Venture Capital Headlines : Swiss Stocks Advance Zurich Financial, SGS, Novartis Increase

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Dec. 1 (Bloomberg) — Switzerland’s economy grew at the slowest pace in more than two years in the third quarter as companies cut spending and exports slumped.
Gross domestic product rose 0.2 percent from the second quarter, when it increased 0.5 percent, the State Secretariat for Economic Affairs in Bern said today. That’s the slowest pace since the second quarter of 2009. Economists forecast a gain of 0.1 percent, the median of 20 estimates in a Bloomberg News survey showed. Exports of goods and services fell 1.2 percent and investment including construction slipped 1 percent.
Switzerland’s economy is cooling as the franc’s 7 percent ascent against the euro over the past year undermines foreign sales just as global growth weakens. The KOF economic barometer dropped to the lowest in more than two years in November and Swiss central bank Vice President Thomas Jordan said last month the economy “is entering a difficult phase, with a very low and possibly even slightly negative growth rate.”
“Switzerland came off lightly in the third quarter, but the worst is yet to come,” David Kohl, deputy chief economist at Julius Baer Group in Frankfurt, said by telephone. “The country’s export-led economy won’t be able to decouple from the euro-area slowdown and will slide into recession.”
The franc was little changed versus the euro, the currency of the country’s biggest export market, after the release and traded at 1.2277 at 8:49 a.m. in Zurich. Against the dollar, the franc was at 91.28 centimes.