RTTNews - Tuesday, Switzerland's Federal Statistical Office said industrial production dropped 9.5% year-over-year in the first quarter, compared to the 5.6% decline in the fourth quarter, upwardly revised from the 5.9% fall reported initially. Economists were looking for a decline of 10%. The latest decline is the biggest since the current series began in 1991.
Sequentially, industrial production dropped 13.1% in the first quarter, after rising a revised 0.4% in the fourth quarter. The fourth quarter increase was initially estimated at 0.1%. Economists had expected a decrease of 11.8%.
Meanwhile, industrial sales declined 9.2% on an annual basis in the first quarter, compared with a 0.7% fall in the previous quarter. Industrial orders received declined 17.6% from a year ago, while orders on hand dropped 11.9%. On the other hand, finished goods inventories were up 1.8%.
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