Latest data released by the Federal Statistics Office - 27 August 2020

  • Prior (Q1) -2.6%; revised to -2.5%
  • GDP -9.3% vs -10.4% y/y expected
  • Prior -1.3%; revised to -0.7%

This just reaffirms the biggest quarterly contraction on record in the Swiss economy, which is reflective of global economic conditions in general during Q2. The recovery trajectory is still questionable, with price pressures a key concern for the SNB at this stage.