Switzerland industrial production rises the most in 2 years

Industrial production in Switzerland has expanded at an annualized rate of 7.3% in the second quarter of this year, while recovering from a revised down 2% drop in the prior quarter, data by the Swiss Federal Statistical Office showed.

It has been the fastest growth rate in industrial output since the first quarter of 2022.

In Q2, production increased for:

– mining & quarrying (1.2% YoY after a 1% YoY drop in Q1);
– manufacturing (6.8% YoY after a 3.2% YoY slump in Q1);
– electricity supply (12.5% YoY versus 9.6% YoY growth in Q1).

On a quarter-on-quarter basis, industrial production went up 3.9% in Q2.

The USD/CHF currency pair settled 0.86% lower at 0.8651 on Friday. For the week, the major currency pair remained little changed, following a 0.95% gain in the prior week.