{"text":[[{"start":8.06,"text":"Switzerland’s economy grew 1.5 per cent in the second quarter, its fastest quarterly pace since 2021, highlighting its resilience in the face of war and global trade uncertainty."}],[{"start":19.7,"text":"The flash estimate published by the State Secretariat for Economic Affairs (Seco) on Friday was a surprisingly strong acceleration from the 0.4 per cent growth recorded in the first three months of the year. It is the fastest quarterly growth since the post-pandemic rebound in 2021."}],[{"start":35.78,"text":"Industry provided the biggest boost, led by the chemicals and pharmaceuticals sector, while services also expanded. The rebound comes after Swiss goods exports rose 8.8 per cent in nominal terms in the second quarter, ending four consecutive quarterly declines, although in real terms the increase was 0.6 per cent."}],[{"start":55.48,"text":"The performance underlines the resilience of one of Europe’s most open economies at a difficult moment for global trade, but the figures predate the latest shift in US trade policy."}],[{"start":65.82,"text":"Washington introduced a new tariff regime for Swiss goods in late July, with additional duties of up to 12.5 per cent, while pharmaceuticals — a crucial Swiss export industry — face separate US sectoral tariffs."}],[{"start":78.06,"text":"Bern is continuing negotiations aimed at securing a lasting trade agreement. Helene Budliger Artieda, Switzerland’s top trade official, said last month there was a “good chance” the country could preserve the 15 per cent tariff ceiling agreed with Washington last year."}],[{"start":93.14,"text":"The figure strips out the impact of major sporting events, which can distort Swiss GDP because organisations including Fifa, Uefa and the International Olympic Committee are headquartered in the country."}],[{"start":103.94,"text":"At the same time, conflict in the Middle East has pushed up energy prices and clouded the outlook for Switzerland’s trading partners. The Swiss National Bank has warned that renewed escalation could disrupt supply chains, weaken global growth and intensify upward pressure on the haven franc."}],[{"start":120.12,"text":"Switzerland enters the turbulence with significant buffers. Inflation remains low, monetary policy is supportive and the IMF has highlighted the country’s strong institutions and fiscal framework as sources of stability."}],[{"start":132.54,"text":"Seco nonetheless expects below-average growth of just 0.9 per cent for 2026 as a whole, reflecting weak domestic demand and softer global growth. Friday’s figure is also an early estimate that could be revised when full GDP data are published on September 3."}],[{"start":154.1,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1786701732_8474.mp3"}