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(Bloomberg) Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. The Swiss economy is recovering quickly after restrictions to curb the spread of Covid-19 hit the service sector and consumption at the start of the year. Gross domestic product contracted 0.5% in the first quarter, a deeper slump than economists anticipated. But manufacturing and service sector data for May showed an upsurge in activity the latest in a string of figures confirming Swiss National Bank President Thomas Jordan’s view of cautious optimism for the economy. “The bounceback in Swiss manufacturing is continuing at such speed that there are widespread signs of scarcity,” the Credit Suisse and procure.ch said. While still below the manufacturing-sector index, the rally in services also “picked up speed.” Switzerland like the neighboring euro zone, which did slide into a double-dip recession had a slow start to vaccinations that left the economy exposed
(Bloomberg) For Swiss National Bank President Thomas Jordan, the franc’s precipitous drop to a 20-month low against the euro has come at a helpful moment after an open season for attacks on his policies. Just over two weeks ago, his institution endured one of the most stinging critiques of its monetary regime in recent years, as a trio of prominent economists accused officials of not trying hard enough to stoke inflation. That followed a salvo three months earlier from the opposite perspective as the U.S. Treasury under Donald Trump’s former administration branded Switzerland a manipulator, damning its framework for capping currency gains with interventions. Now, after portfolio shifts by global investors positioning for higher inflation sent the franc down 3% within a fortnight, crossing the 1.10 per euro mark, SNB officials suddenly have breathing space on both fronts. With the Swiss economy suffering due to the pandemic, the weaker currency can give growth and inflation a welc