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Swiss Economy Grows; Companies Brace for Currency Headwinds
The Swiss economy grew twice as fast as economists forecast at the end of 2014, indicating resilience before the central bank scrapped a currency cap that was shielding exporters. Gross domestic product increased 0.6 percent in the three months through December, after an upwardly revised 0.7 percent a quarter earlier, the State Secretariat for Economic Affairs in Bern said in a statement on Tuesday. That’s more than the 0.3 percent median of 18 estimates in a Bloomberg News survey. The economy was dealt a seismic shock on Jan. 15 when the Swiss National Bank announced it would no longer enforce its ceiling on the ... (full story)