The breakdown of the Swiss/EU Treaty talks has taken the headlines this week, but the Swiss economy appears to be galloping ahead in any case. While the belated release of Q1 GDP data next week is likely to show that output contracted as virus restrictions bit, business surveys suggest that the economy got into its stride in Q2 and the upside risks to our 2021 forecasts are building. Meanwhile, the releases of the PMIs from May next week are likely to show that industrial sectors remained in rude health.
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