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Swiss economy grew much faster than thought

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Swiss economy grew much faster than thought

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Switzerland’s economy grew at a much faster pace in the first three months of this year than had been previously calculated.

The State Secretariat for Economic Affairs said real gross domestic product expanded by one percent from the previous quarter and 2.3 percent year-on-year.

The numbers make it more likely the Swiss National Bank will raise interest rates before the European Central Bank.

The Swiss franc pared its earlier losses against the euro after the revision, moving back towards a recent record high.

The overall revision of GDP data showed that the country’s economy shrank by 1.9 percent in 2009, a slightly steeper decline than so far reported.

The Swiss economy has emerged less bruised than many other European countries from the global economic crisis thanks to the resilience of its consumers and surveys point to an ongoing recovery.