RTTNews - The Swiss economy contracted 0.8% sequentially in the first quarter following a revised 0.6% fall in the previous quarter, the State Secretariat for Economic Affairs said Tuesday. However, the economy shrank less than the expected 1.5% fall. Gross domestic product or GDP fell for the third straight quarter.

On an annual basis, the real GDP dropped 2.4% in the first three months of 2009. In the previous quarter, the economy had contracted 0.6%. Economists had predicted a fall of 1.7% for the first quarter.

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