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Non-EU member state Switzerland enjoys fastest growth since 2014
NON-EU member state Switzerland's economic momentum accelerated in the second quarter, exceeding that of the euro area and hitting its fastest pace since 2014, Bloomberg reports.
Gross domestic product rose 0.6 per cent in the three months through June, after gaining a revised 0.3 per cent in the prior quarter, said the State Secretariat for Economic Affairs in Bern.
That jump, helped by government consumption and foreign trade, beats the 0.4 per cent increase forecast by economists in a Bloomberg survey.
A year after suffering an exchange-rate shock, the export-oriented Swiss economy appears to be finding its footing again.
Demand in countries such as Germany is recovering and local companies are finding ways to cut costs and improve productivity.
Unemployment is low by European standards and the strong franc, which the central bank says is overvalued, is buttressing domestic consumption by lowering the cost of imports.
"We have strength in certain sectors like pharmaceuticals - this has also showed up in our export data recently - but still struggling in areas like machinery," said Oliver Adler, head of economic research at Credit Suisse.
Gross domestic product rose 0.6 per cent in the three months through June, after gaining a revised 0.3 per cent in the prior quarter, said the State Secretariat for Economic Affairs in Bern.
That jump, helped by government consumption and foreign trade, beats the 0.4 per cent increase forecast by economists in a Bloomberg survey.
A year after suffering an exchange-rate shock, the export-oriented Swiss economy appears to be finding its footing again.
Demand in countries such as Germany is recovering and local companies are finding ways to cut costs and improve productivity.
Unemployment is low by European standards and the strong franc, which the central bank says is overvalued, is buttressing domestic consumption by lowering the cost of imports.
"We have strength in certain sectors like pharmaceuticals - this has also showed up in our export data recently - but still struggling in areas like machinery," said Oliver Adler, head of economic research at Credit Suisse.
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