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Switzerland's GDP grew by 0.7% on quarter in the three months to June of 2024, beating market forecasts and previous period's 0.5% gain. This marked the fastest economic expansion since the second quarter of 2022, mainly driven by an increase in manufacturing sector (2.6%). Moreover, services sector rose, particularly the accommodation and food services (2.7%) and human health and social work activities (1.1%), while construction industry saw a slight uptick of 0.1%. Meanwhile, retail trade sector tumbled 0.4% after two consecutive period of growth. On the expenditure side, private consumption grew by 0.3% while general government consumption rose by 0.2%. Net trade contributed negatively to the GDP, as goods exports plunged by 5% while goods imports plummeted by 13.8%. On an annual basis, the country's GDP grew by 1.8% in Q2 of 2024, accelerating from a 0.6% rise in the previous three-month period.