Swiss Economy Recovers In Q3

RTTNews | il y a 356

(RTTNews) - Switzerland's economy rebounded in the third quarter underpinned by exports and consumption, official data showed on Friday.

Gross domestic product grew 0.3 percent sequentially, in contrast to the 0.1 percent fall in the previous three months, the State Secretariat for Economic Affairs said.

The Swiss economy was forecast to expand 0.1 percent.

GDP expanded 0.9 percent year-on-year in the third quarter, the same rate as seen in the previous three months.

On the expenditure-side, private consumption growth halved to 0.2 percent from 0.4 percent. At the same time, government consumption gained 0.5 percent after staying flat a quarter ago.

Equipment and software investment declined 1.1 percent, while construction investment gained 0.2 percent.

Exports of goods and services grew 6.2 percent and 0.4 percent, respectively. At the same time, imports of goods gained 1.5 percent, while that of services dropped 0.4 percent.

Value added in manufacturing remained flat and construction shrank 0.3 percent. On the other hand, the service sector provided support to growth.

In September, the government had projected the economy to expand 1.3 percent this year and 1.2 percent in 2024.

With the economy likely to remain lackluster and inflation set to fall in early 2024, the Swiss National Bank is likely to start loosening monetary policy ahead of the European Central Bank, Capital Economics economist Adrian Prettejohn said.

The economist expects the key interest rate to be cut to 1.50 percent from 1.75 percent in the March meeting.

Tags: CHF

Swiss Central Bank Trims Policy Rate; Hints At Further Cuts

The Swiss National Bank reduced its key policy rate by 25 basis points for the third straight meeting and signaled additional easing as the franc's strength had lowered inflationary pressure. At the final rate-setting meeting of Thomas Jordan as chairman, the policy board lowered the policy rate to 1.0 percent from 1.25 percent, as expected.

RTTNews | il y a 56

Swiss GDP Growth Accelerates As Estimated

Switzerland's economic growth accelerated in the second quarter as initially estimated on strengthening manufacturing and services output, data from the State Secretariat for Economic Affairs, or SECO, showed on Tuesday. Gross domestic product grew 0.5 percent sequentially after posting 0.3 percent growth in the previous two quarters. The rate came in line with the flash estimate.

RTTNews | il y a 79

Swiss Central Bank Lowers Policy Rate By 25 Bps

The Swiss National Bank lowered its key policy rate for the second consecutive meeting on Thursday, citing easing underlying inflationary pressures. The policy board headed by Thomas Jordan decided to cut the policy rate by 25 basis points to 1.25 percent. The new rate will take effect on June 21. The bank had unexpectedly reduced its rate by a quarter point at the March meeting.

RTTNews | il y a 154

Swiss GDP Growth Accelerates In Q1

Switzerland's economic growth accelerated in the first quarter on robust private consumption and the rebound in equipment investment, data from the State Secretariat for Economic Affairs, or SECO, showed on Thursday. Gross domestic product posted a quarterly growth of 0.5 percent in the first quarter after an expansion of 0.3 percent each in the previous two quarters.

RTTNews | il y a 175

Swiss Central Bank Lifts Minimum Reserve Requirement

The Swiss National Bank raised the minimum reserve requirement for domestic banks, which is set to reduce its payout. The SNB lifted the minimum reserve ratio to 4 percent from 2.5 percent. The bank also made changes to how it calculates the minimum reserve requirements.

RTTNews | il y a 213

Switzerland's Central Bank Unexpectedly Cuts Policy Rate

The Swiss National Bank made a surprise interest rate cut on Thursday and became the first major central bank to ease the policy in the current cycle as the fight against inflation over the last two and a half years has been effective. The SNB unexpectedly lowered the policy rate by 25 basis points to 1.5 percent. Markets had expected the bank to keep the rate unchanged.

RTTNews | il y a 245

Switzerland's Central Bank Retains Key Rate, Cuts Inflation Outlook

The Swiss National Bank kept its benchmark rate unchanged on Thursday and turned more dovish as it lowered the inflation forecast and altered the policy stance on forex interventions. The SNB Governing Board, chaired by Thomas Jordan, decided to hold the policy rate at 1.75 percent. The SNB policy rate has been raised by a cumulative 2.5 percentage points since June 2022.

RTTNews | il y a 343

Swiss Govt Sees "Well Below Average Growth" Next Year

The Swiss economy is set to register well below average growth in 2024 as the weaker momentum in the euro area hurts Swiss exports and higher financing cost curbs investment, the State Secretariat for Economic Affairs, or SECO, said Wednesday. In the economic forecast, the expert group of the SECO said gross domestic product will grow 1.3 percent this year.

RTTNews | il y a 344

EURUSD	1.0473	GBPUSD	1.25839	AUDUSD	0.65122
USDJPY	154.252	USDCAD	1.39706	USDCHF	0.88617