Latest news with #SwissEconomy
Bloomberg
06-06-2025
- Business
- Bloomberg
SNB Denies FX Manipulation After US Treasury Puts Swiss on List
The Swiss National Bank denied being a currency manipulator after the US Treasury added Switzerland to a list of economies it is closely monitoring over foreign-exchange practices. 'The SNB does not engage in any manipulation of the Swiss franc,' it said in an emailed statement. 'It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy.'
Bloomberg
03-06-2025
- Business
- Bloomberg
Swiss Inflation Turns Negative for First Time in Four Years
The inflation rate in Switzerland turned negative for the first time since early 2021, adding to pressure on policymakers to lower borrowing costs cut later this month. Consumer prices fell 0.1% from a year ago in May, according to the country's statistics office. That outcome was down from zero in April and matched the median estimate in a Bloomberg survey of economists.
Bloomberg
02-06-2025
- Business
- Bloomberg
Swiss Growth Revised Up on US Export Surge Before Trump Tariffs
Switzerland's growth spurt into 2025 was even more pronounced than initially estimated, with the economy expanding at the fastest pace in two years. Before an anticipated hit from US tariffs, gross domestic product adjusted for large sport events increased 0.8% in the first quarter, the government said Monday. That's up from the 0.7% reported in a preliminary reading and more than the revised 0.6% recorded between October and December.
Reuters
02-06-2025
- Business
- Reuters
Swiss economic output increases as firms rush to beat US tariffs
ZURICH, June 2 (Reuters) - The Swiss economy grew by 0.8% in the first three months of 2025, the government said on Monday, as companies rushed through exports to avoid looming U.S. tariffs. The quarterly figure, which was adjusted for the impact of sporting events, was an uptick from the revised 0.6% increase in the last three months of 2024. It was better than the flash forecast for a 0.7% increase released earlier this month and also above the long term average for Swiss quarterly GDP growth of 0.4%. The figures included growth in services and a big boost from higher exports as companies sent products to the U.S. to avoid the higher tariffs threatened by President Donald Trump. "In particular, exports to the U.S. rose sharply, pointing to possible front-loading in connection with U.S. trade policy," said the State Secretariat for Economic Affairs (SECO). Swiss exports to the United States increased by 17.4% in the first three months of 2025, compared with the previous three months, much higher than the 3.6% increase in overall exports, according to data from the Swiss customs office. Trump's administration imposed a 31% tariff on Swiss imports in April, although the figure has since been temporarily reduced to 10%.
Yahoo
02-06-2025
- Business
- Yahoo
Swiss economic output increases as firms rush to beat US tariffs
ZURICH (Reuters) -The Swiss economy grew by 0.8% in the first three months of 2025, the government said on Monday, as companies rushed through exports to avoid looming U.S. tariffs. The quarterly figure, which was adjusted for the impact of sporting events, was an uptick from the revised 0.6% increase in the last three months of 2024. It was better than the flash forecast for a 0.7% increase released earlier this month and also above the long term average for Swiss quarterly GDP growth of 0.4%. The figures included growth in services and a big boost from higher exports as companies sent products to the U.S. to avoid the higher tariffs threatened by President Donald Trump. "In particular, exports to the U.S. rose sharply, pointing to possible front-loading in connection with U.S. trade policy," said the State Secretariat for Economic Affairs (SECO). Swiss exports to the United States increased by 17.4% in the first three months of 2025, compared with the previous three months, much higher than the 3.6% increase in overall exports, according to data from the Swiss customs office. Trump's administration imposed a 31% tariff on Swiss imports in April, although the figure has since been temporarily reduced to 10%. Sign in to access your portfolio
