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Swiss economy not as strong as first meets the eye

The resilience of Swiss GDP over the past two years has been largely due to the merchanting sector, which buys and sells goods without them ever entering Switzerland. Excluding that sector, the economy was smaller at the end of 2023 than it was two years prior, led by a sharp contraction in exports as well as investment. The weakness in those parts of the economy will lead the SNB to cut rates again this year.

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