The Restructuring Review

I. OVERVIEW OF RECENT RESTRUCTURING AND INSOLVENCY ACTIVITY

i. Economics

According to the most recent data published by the State Secretariat for Economic Affairs ('SECO'), the real gross domestic product ('GDP') for Switzerland grew in the first quarter of 2012 by 0.7 per cent compared with the fourth quarter of 2011. Private and public consumption delivered a positive boost to growth, while gross fixed capital formation and external trade made a negative contribution to the rise in GDP. On the production side, the services sectors, banking, insurance, real estate, IT, and research and development all made a positive contribution to growth, as did the public administration, social services and health care. However, industry reported a decrease in value-added GDP growth of 2.0 per cent compared with the first quarter of 2011.¹