Swiss GDP for Q2 was out earlier:

+0.2% q/q and +1.2% y/y

  • Expected was -0.1% and +0.9% respectively
  • Priors were -0.2% and +1.2% (revised from +1.1% respectively)

The positive q/q means, of course, Switzerland has avoided a recession (if you define one as 2 consecutive quarters of negative growth)

Both the

  • +0.3% private consumption
  • +1.5% investment in equipment growth

helped make up for a small fall in Swiss exports (down 0.2% on the quarter)

Subdued growth in Switzerland has been expected since the CHF soared following the SNB's removal of the cap back in January.

The CHF strengthened but has since bounced back a little:

And, EUR/CHF, a similar story: