Switzerland economy expanded in Q3 2017 at its fastest pace since the country lifted its currency restrictions. The exports have supported growth, suggesting that the economy enjoys positive side effects from the rise of the Eurozone, which is Switzerland’s largest trading partner. The Eurozone is growing at the fastest pace in a decade, which seriously support the ecpansion of the Swiss trade.
The investments have increased over the quarter as well as consumer and government spending, revealed the report of the State Secretariat for International Economic Affairs.
The gross domestic product rose by 0.6% quarter on quarter, following a 0.4% growth in the previous three months. On an annual basis, the GDP growth in the third quarter was 1.2%.
The result fits better with the optimistic sentiments in the country. The data on individual components show that inertia is spreading across more and more sectors.
Exports are also backed by the weaker franc, which has fallen by about 8% against the Euro this year. The economy went through a downturn in early 2015 when the Swiss central bank dropped its minimum exchange rate, which raised the value of the franc by 41% to the single currency.
Recovery is largely due to strong export dynamics, but given the stable global economy and the increasing capacity utilization, export recovery should also stimulate the local economy.