SNB's Tschudin (post-policy statement) says Swiss GDP growth was exceptionally strong in the second quarter, with unusually robust performance in the chemicals/pharmaceuticals industry

Capacity utilisation was below average, especially in manufacturing, while unemployment rose again somewhat through to early summer. Expect moderate growth for the coming quarters. Growth stimuli are likely to continue emanating from abroad. Moreover, our monetary policy and the recent depreciation of the Swiss franc are having a supportive effect. The main risk to the economic outlook for Switzerland stems from developments in the global economy. In particular, the situation in the Middle East and the trade policy environment.