Freeing the Swiss franc wasn't that bad for economy after all
The Swiss National Bank’s 2015 bombshell decision to give up its cap on the franc left less of a economic crater than previously feared.
(Bloomberg) The Swiss National Bank’s 2015 bombshell decision to give up its cap on the franc left less of a economic crater than previously feared.
The statistics office has recently overhauled its gross domestic product calculations, raising its tally for 2013 through 2015. It found the economy actually expanded 1.2 percent in the year the SNB abolished its 1.20 per euro currency ceiling – a move that sent the franc up sharply against the euro, curbing exports. That’s a 0.4 percentage point improvement on a previous estimate and allows 2015 to ditch its unwelcome moniker as the worst year for growth since the financial crisis.
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