SWITZERLAND

摘要

Softer-than-expected Q4 GDP growth of 0.1% (q-o-q), matching that of Q3, meant that growth tailed off noticeably in the second half of 2016. Still, the annual expansion of 1.3% improved on the 0.8% rise seen in 2015 - yet the recent slowdown indicates near-term risks. Exports of goods dropped by 2.5% (q-o-q) in Q4 and gross fixed investment contracted by-0.6%. Broader confidence over the Euro area economy may lift export demand going forward, although Swiss franc strength remains a burden.