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Strong Swiss franc continues to hit Swiss economy

Staff Writer | February 8, 2017
The Swiss franc's high value, especially compared to the euro, Tribune de Geneve quoted an expert as reporting.
Strong Swiss franc
Europe   Andrea Maechler of the Swiss National Bank:
Andrea Maechler, one of the three members of the Swiss National Bank's (SNB) governing board, told the newspaper that in addition to the currency valuation, other factors including interest rates, changes in prices and the global situation must also be taken into account when assessing the confederation's economic outlook.

"It's clear that the strong Swiss franc remains a big challenge for many businesses in Switzerland," Maechler told the Geneva-based newspaper in an interview.

"The value of the Swiss franc is an important factor for Switzerland's economy, but it is not the only one," she added.

According to the Swiss official, Swiss gross domestic product (GDP) is expected to increase by 1.5 percent this year, matching last year's growth.

Switzerland's unemployment rate, which stood at 3.3 percent in December last year, is also much lower than the 4.0 percent recorded in 2009 and the 5.0 percent in the mid-1990s, she added.