Switzerland Close to Recession

Exports decreasing to the eurozone

Switzerland has found itself on the brink of slipping into recession, as the country's economy saw an unexpected contraction in the second quarter.

The latest statistics released on Tuesday showed Switzerland – which seemed to be the last outpost of stability in Europe -is slowing down together with the rest of its European neighbors.

Compared with a year earlier, the Swiss economy still managed to expand by 0.5%, but it contracted 0.1% from the first quarter.