SWITZERLAND

摘要

The Swiss National Bank (SNB) doubled its GDP growth forecast for 2012 to 1 % as the currency cap of SwFr 1.20 per euro has helped to reduce the uncertainty caused by exchange rate volatility. The SNB have maintained a strong stance on capping the safe-haven currency in order to avoid the levels of appreciation experienced in 2011 which dampened price inflation and hindered exports. The CPI remains negative and further short-term deflationary pressures have kept the 2012 consensus around -0.3%. Elsewhere, a surge in direct investment increased the Q4 current account surplus by SwFr 7bn to SwFr 27bn.