Swiss Economy Surprises with Strong 1.5% Growth, No Change in Monetary Policy

The Swiss economy has reported a surprisingly strong growth of 1.5% quarter-on-quarter in the second quarter, according to recent data. This figure is notable because it's not annualised, making the expansion even more remarkable.

Growth was broad-based across sectors and demand components, aligning with improvements in confidence indicators. However, almost half of this increase came from the volatile chemicals and pharmaceuticals sector, as well as a sharp rise in exports.

The Swiss National Bank preview suggests that there's still no reason to adjust monetary policy based on these latest numbers.