Swiss Economy Expands More Than Forecast
World Economy

Swiss Economy Expands More Than Forecast

Switzerland’s economy expanded more than forecast in the third quarter, outpacing neighboring Germany thanks to consumption by households and the public sector.
Gross domestic product increased 0.6 percent in the three months through end September, after a revised 0.3 percent in the second quarter, the State Secretariat for Economic Affairs in Bern said in a statement Wednesday. That’s more than the 0.3 percent median of 17 estimates in a Bloomberg News survey.
Thanks in part to the Swiss National Bank’s currency cap, Switzerland has managed to sustain its economic growth in the face of the malaise in the euro area, the destination for about half of its exports.
The European Central Bank meets Thursday to discuss whether more needs to be done to revive the 18-nation currency bloc. That could raise pressure on the SNB’s minimum exchange rate of 1.20 per euro, set three years ago.
Today’s data is “astoundingly good,” said Roland Klaeger, economist at Raiffeisen Schweiz in Zurich. Still, “for the SNB it doesn’t really make a difference – the ECB is really determining the tempo.”
Swiss household consumption increased 0.6 percent in the quarter, with construction investment climbing 0.8 percent and general government consumption rising 0.9 percent. Exports of goods increased by 2.8 percent, with the strongest positive contribution “by far” coming from the chemical and pharmaceutical sector.


Short URL : http://goo.gl/rKaAsi

You can also read ...

Indonesia’s interest rate rise highlights need for urgent defensive action.
Argentina's return to financial chaos might seem remote to...
Pakistan Retains Stable Rating
Moody’s Investors Service said that Pakistan’s (B3 stable)...
Japan April Exports Accelerate
Japan’s exports accelerated in April on increased shipments of...
Real growth of the oil sector was  14.77% year-on-year in Q1.
Nigeria’s economy expanded for a fourth straight quarter in...
Chan Chun Sing (L) and CEO of the Singapore Business Federation Ho Meng Kit,  at The Business Times Leaders Forum on Monday.
With the rise in unilateralism and protectionism, the...
Bruno Le Maire
The stability of the eurozone will be at stake if a populist...
Goldman Says US in Dire Straits
Goldman Sachs’ analysts delivered a weekend note on the United...
Taiwan Economic Sentiment Weakens
Sentiment toward Taiwan’s economy weakened in May after the...