28
Feb
Swiss GDP growth could reach +3.2% in 2021
Switzerland is emerging from the crisis in a position of strength. GDP is already benefiting from Asia’s recovery. Swiss franc depreciation is gaining momentum. SNB to post extraordinary profits in 2021. The bond market is gone. Caution on equities.
Key Points
- Swiss GDP growth of +0.3% in Q4 2020 is higher than expected
- Domestic demand logically collapsed with the return of health restrictions
- Switzerland went through the Covid-19 crisis without any major impact on its GDP in 2020
- Hesitant start to the year but still very favourable outlook for the whole of 2021
- SNB earned 23 billion in 2020, stays the course
- Swiss franc weakens as global economy recovers
- The horizon is getting a little darker for Swiss franc bond markets
- Swiss equities still waffling
