According to experts, after the central bank's repeal of its currency cap, Switzerland has fully experienced the national currency's power. On January 15, the bank abandoned its fixed EUR/CHF rate of CHF 1.20 per euro. Next morning, the franc was trading at 1.034 per euro. In the first quarter of 2015, the country's economy shrank.
In compliance with the revised data, the GDP fell 0.2% quarterly against the forecast 0.1% fall.
Experts believe that in the second quarter of this year Switzerland's economy is likely to contract and fall into recession. However, the better-than-expected growth of the KOF index calculated by the Swiss Economic Institute shows signs of the economy's recovery by the end of 2015.
