Latest data released by the Federal Statistics Office - 1 December 2020

  • Prior (Q2) -8.2%; revised to -7.0%
  • GDP -1.6% vs -3.4% y/y expected
  • Prior -9.3%; revised to -7.8%

The good news is that the Swiss economy bounced back more than estimated in Q3 but that is more than offset by the virus resurgence and its impact on the economy in Q4, which is the market focus at the moment (alongside Q1 2021 and vaccine optimism).