Swiss National Bank's Tschudin: GDP growth exceptionally strong in Q2

Swiss National Bank governing board member Petra Tschudin said at the post-monetary policy assessment press conference on Thursday that the “Swiss GDP growth was exceptionally strong in Q2.”

Key quotes

Unusually robust performance in the chemicals and pharmaceutical industry boosted growth.

Depreciation of the Swiss Franc has a supportive effect.

Expect moderate growth for coming quarters, with stimuli likely to come from abroad.

Trade policy environment and exchange rate developments add to uncertainty.

Positive development of broad-based growth continued in Q3.

Main risk stems from global economy, in particular the situation in the Middle East.

We are not seeing a large increase in Swiss Franc carry trade.