Export woes hurt Swiss economy

Switzerland’s economy shrank at a pace not seen for 15 years in the first quarter of this year. Swiss GDP fell 0.8 percent from the fourth quarter of 2008, its worst performance since 1994. A slump of 5.4 percent in exports did much of the damage. The Swiss central bank has lowered interest rates to just 0.25 percent in a bid to stop the rot, but still predicts the economy’s worst year since 1975.

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