The economy of the Swiss neighbor unexpectedly contracted. In fact, Switzerland's gross domestic product recorded a 2012% decline in the second quarter of 0,1 against expectations of a 0,2% growth and compared to the 0,5% rise in the previous quarter. The European crisis has a double effect on the country: on the one hand it causes exports to decrease (also damaged by the appreciation of the Swiss franc) but on the other it causes domestic consumption to increase. And for this reason the datum san annual basis confirms the solidity of the country and compared to the second quarter of 2011, the GDP recorded a growth of 0,5%. In any case, Switzerland is also feeling the effects of the global slowdown and in fact the 0,5% increase is lower than the +1,2% of last year's trend figure.
Moody's yesterday confirmed the AAA-rated of Switzerland, with a stable outlook, reiterating that the Swiss Confederation remains one of the most solid issuers in the world.
Il Swiss franc continues to confirm itself as a refuge: since the end of last July it has gained almost 5% against the US dollar after the Usd/Chf exchange rate had touched parity. However, the exchange rate with the euro continues to remain blocked. Indeed the Swiss Central Bank (SNB) has decided to maintain the minimum threshold of 1,20 francs for one euro, in force for one year, through unlimited purchases of foreign currency.
According to Moody's, the SNB's currency policy favors the solidity of the Swiss economy, which remains an important financial center of global reference.
