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Swiss industrial production unimpressed by global slowing

According to provisional results from the Federal Statistical Office (FSO), industrial production rose by 3% in the first quarter 2013 compared with the same quarter of the previous year. Turnover rose by 3.7%. Orders received increased by 0.6% while orders on hand fell by 5.2%. (source Swiss Statistics)

This data confirmed the strong Swiss Manufacturing PMI of 51.9 compared to the weak German one of 48.6. As opposed to Germany, the Swiss have a higher export exposure to the US (especially chemicals and pharmaceuticals) and a somewhat lower to the weakening China. For comparison, German industrial production was down 2.2% in the two months February/March 2013 against the previous year.  Sweden that severely depends on exports to the EU, sees declining industrial production for nearly one year, in May production was down 7.3% y/y.

Swiss Trade Balance April2013

The SECO delivered also unemployment data. Swiss unemployment is at 2.9% or at 3.0% seasonally adjusted.

George Dorgan
George Dorgan (penname) predicted the end of the EUR/CHF peg at the CFA Society and at many occasions on and on this blog. Several Swiss and international financial advisors support the site. These firms aim to deliver independent advice from the often misleading mainstream of banks and asset managers. George is FinTech entrepreneur, financial author and alternative economist. He speak seven languages fluently.
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