In the second quarter, the Swiss economy weakened by 8,2 percent compared to the first quarter, the most since the beginning of data publication, the country's Ministry of Economy announced.
The Ministry also revised the data for the first quarter, which now shows a 2,5 percent decline in activity, reports SEEbiz.
The decline in the period from April to June is the largest since 1980, when quarterly reports began to be published.
The Ministry explained that activity in the economy was very limited during the pandemic and the measures introduced to suppress it.
"The decline was exacerbated by the global recession, an additional problem for export-oriented Switzerland, but it is milder than in many other countries," said the Ministry and pointed to the growth in turnover in the pharmaceutical sector.
Manufacturers of watches and machines were not so lucky since they are sensitive to the economic situation, so they were affected by the pandemic.
The service sector was also affected, with a 54,2 percent drop in activity in the accommodation and catering sectors, as hotels and restaurants were closed.
Switzerland thus entered a technical recession, which is defined as a decline in activity at the quarterly level for two consecutive quarters.
The pandemic has also hit key export markets hard.
The German economy weakened by a record 9,7 percent in the second quarter, due to a drop in personal consumption, company investment and exports.
In the period from April to June, the French economy fell by 13,8 percent, the most since World War II, and the British economy by 20,4 percent, the most since quarterly data began to be published.
"Switzerland managed to avoid even greater damage, because it lifted the blockade measures before others," explained the Ministry.
They said it was bad, but not as bad as originally expected, adding that activity had started to pick up.
According to estimates, the Swiss gross domestic product (GDP) should fall this year by less than the 6,2 percent the government forecast in June.
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