Swiss government expects GDP to decline by around 5% vs. June forecast of -6.2%

The Swiss government said the country's economy has recovered more rapidly than initially expected and updated its forecast for GDP contraction from 6.2% in June to 5%. 

The government further noted that it expects the average unemployment rate to be below 3.5%, compared to 3.8% in the previous forecast and acknowledged that improvement depends on avoiding the further massive spread of coronavirus.

Market reaction

The USD/CHF pair extended its daily slide after this report and was last seen losing 0.45% on a daily basis at 0.9130.