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    SNBN   CH0001319265

SCHWEIZERISCHE NATIONALBANK

(SNBN)
  Report
Delayed Swiss Exchange  -  11:30:28 2023-02-02 am EST
4850.00 CHF   +0.62%
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Swiss GDP growth lags expectations in Q3

11/29/2022 | 03:17am EST
FILE PHOTO: Shoppers walk along the street after the Swiss government relaxed some of its COVID-19 restrictions in Zurich

ZURICH (Reuters) - The Swiss economy grew a real 0.2% in the third quarter versus the second three months of 2022 and 0.5% year-on-year, official data showed on Tuesday, lagging market expectations.

That compared to downwardly revised quarterly growth of 0.1% in the second quarter, the State Secretariat for Economic Affairs (SECO) said.

Economists polled by Reuters had expected GDP to rise 0.3%quarter-on-quarter and 1.0% year on year. The economy had expanded 2.2% year-on-year in the second quarter.

Adjusted for large sporting events, GDP rose 0.6% year on year in the third quarter.

The domestic economy fuelled growth in the quarter, with consumer spending up despite relatively high inflation. The accommodation and food services sector continued to recover from the pandemic-related slump.

Investment in equipment rose and the service sector delivered broad-based growth while some of the more cyclical industrial sectors were held back by the "challenging" international environment, SECO said.

The Swiss economy has weathered recent turbulence on world markets relatively well.

The government has said it sees no immediate need for measures to help cushion the burden of surging energy prices, noting the economy was performing well, unemployment was low, and inflation was set to wane next year.

Swiss consumer price inflation rose a slower-than-expected 3.0% in October, the ninth month in a row that inflation has surpassed the Swiss National Bank's 0-2% target range.

SNB officials have repeatedly flagged a rate hike at the central bank's quarterly policy review in December.

The government in September cut its economic growth forecasts, citing growing risks from a "tense energy situation and sharp price increases". It now expects growth of 2.0% this year and 1.1% in 2023.

(Reporting by Michael Shields, Editing by Miranda Murray)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.39% 0.64542 Delayed Quote.2.68%
BRITISH POUND / SWISS FRANC (GBP/CHF) -0.54% 1.11778 Delayed Quote.0.87%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.20% 0.6845 Delayed Quote.1.04%
CHINESE YUAN RENMINBI / SWISS FRANC (CNY/CHF) 0.39% 0.135354 Delayed Quote.1.18%
DANISH KRONE / SWISS FRANC (DKK/CHF) -0.36% 13.38 Delayed Quote.1.36%
EURO / SWISS FRANC (EUR/CHF) -0.34% 0.99553 Delayed Quote.0.61%
HONGKONG-DOLLAR / SWISS FRANC (HKD/CHF) 0.48% 11.628 Delayed Quote.-1.27%
INDIAN RUPEE / SWISS FRANC (INR/CHF) -0.20% 0.011122 Delayed Quote.0.18%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.72% 0.71 Delayed Quote.-0.04%
NEW ZEALAND DOLLAR / SWISS FRANC (NZD/CHF) 0.17% 0.59174 Delayed Quote.0.86%
RUSSIAN ROUBLE / SWISS FRANC (RUB/CHF) 0.26% 0.012971 Delayed Quote.3.06%
SCHWEIZERISCHE NATIONALBANK 0.62% 4850 Delayed Quote.0.63%
SINGAPORE-DOLLAR / SWISS FRANC (SGD/CHF) 0.20% 0.6963 Delayed Quote.1.43%
SWEDISH KRONA / SWISS FRANC (SEK/CHF) 0.14% 0.08807 Delayed Quote.-0.96%
US DOLLAR / SWISS FRANC (USD/CHF) 0.54% 0.91196 Delayed Quote.-0.86%
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Financials
Sales 2021 26 682 M 29 181 M 29 181 M
Net income 2021 26 300 M 28 764 M 28 764 M
Net cash 2021 18 424 M 20 150 M 20 150 M
P/E ratio 2021 0,02x
Yield 2021 0,29%
Capitalization 482 M 527 M 527 M
EV / Sales 2020 -1,03x
EV / Sales 2021 -0,67x
Nbr of Employees 869
Free-Float 76,7%
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Managers and Directors
Thomas Jakob Ulrich Jordan Chairman-Governing Board
Barbara Janom Steiner Chairman-Bank Council
Peter Thuring Head-Information Technology
SÚbastien Kraenzlin Director-Banking Operations
Sabine Wey Assistant Director-Compliance