(Bloomberg) Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The Swiss economy is recovering quickly after restrictions to curb the spread of Covid-19 hit the service sector and consumption at the start of the year. Gross domestic product contracted 0.5% in the first quarter, a deeper slump than economists anticipated. But manufacturing and service sector data for May showed an upsurge in activity the latest in a string of figures confirming Swiss National Bank President Thomas Jordan’s view of cautious optimism for the economy. “The bounceback in Swiss manufacturing is continuing at such speed that there are widespread signs of scarcity,” the Credit Suisse and procure.ch said. While still below the manufacturing-sector index, the rally in services also “picked up speed.” Switzerland like the neighboring euro zone, which did slide into a double-dip recession had a slow start to vaccinations that left the economy exposed
USD/CHF struggles to find direction after weak Swiss GDP data
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