Data released earlier today showed Swiss GDP growth picking up only slightly in Q4, to 0.5% q/q from Q3’s disappointing 0.4%. The outturn was below the consensus forecast, which had been for arise of 0.7%, and seems to confirm that Swiss activity is now well past its peak. The annual rate slowed to 2.2% in Q4 from Q1’s high of 3.2%.
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