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Switzerland's gross domestic product (GDP) grew by 0.5 percent in the first quarter compared to the previous three months due to the continuing rise in industry, the Ministry of Economy said, quoted by AFP.

After a review of up to 0.2 percent growth in the last three months of 2021, the growth of the Swiss economy has accelerated due to demand for machinery, metals, precision tools, watches and jewelry, the agency said in a statement.

Despite the slowdown in the chemical and pharmaceutical sectors, demand in various sectors of the Swiss economy has supported exports of goods, which jumped 1.4 percent.

This is a stronger increase than the historical average, the ministry said.

The favorable development of industry has given a positive impetus to some areas of the services sector, such as wholesale, which has prevented a greater contraction in trade as a whole, which fell by 0.1 percent.

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The latest wave of coronavirus with the Omicron variant has had a deterrent effect on the development of the hotel and restaurant industry.

Sanitary restrictions eased in February have delayed the return of tourists earlier in the year during the ski season, and remote work has limited demand in restaurants.

However, the Ministry of Economy established a certain normalization in private consumption, with an increase of 0.4 percent.

Public consumption has risen sharply, by 1.4 percent, due to the costs associated with the pandemic.