Swiss economy unexpectedly shrinks as franc stymies exports

29 May 2015 | Author: | No comments yet »

Swiss economy unexpectedly shrinks as franc stymies exports.

Gross domestic product fell 0.2pc in the first quarter, after a revised growth of 0.5pc in the previous three months, the State Secretariat for Economic Affairs in Bern said in a statement on Thursday.

The outlook for the economy suffered a blow in January when Swiss National Bank abolished its currency cap, causing the franc to rally 15pc versus the euro in the quarter, the biggest increase since the single currency was introduced in 1999. According to the International Monetary Fund, Swiss growth is set to slow this year to 0.75pc, due to the unfavorable exchange rate, with unemployment set to increase moderately.

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