Switzerland seems to be breaking laws of economics – it’s industrial base is booming with production up 40% since 2011, but at the same time the franc has climbed 25% against the Euro.
Textbook economics suggest that should be harming exports.
The research, from the private bank Syz, using data from Bloomberg, shows that, at the same time, production in the Eurozone is up a paltry 1%.
The bank says Switzerland is able to buck the trend as it exports products with a high added value, such as pharmaceuticals, watches and chemicals – so prices are robust and there’s little competition.
In addition, figures show Switzerland’s per capita GDP is double Germany’s. Here, it’s close to USD 94,000 but under USD 50,000 in Germany.
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