Swiss economy does not suffer from global trade war so far, and growth pace this year exceeds forecasts, Bloomberg reports.

Economic growth was 0,7% in the second quarter instead of expected 0,5%. Growth pace in the first quarter was revised up to 1%.

Recent data became fifth quarterly result exceeding average growth rate. After slight weakening in the beginning of this year, export rebounded and increased by 2,6%.

Switzerland, whose export-oriented companies suffered for a long time from expensive franc, benefits from stable global demand in recent years.

There is still a risk that worsening trade relations and currency appreciation can hurt the economy. Already, crisis in Turkey and Italy resulted in franc growth, which on Thursday got closer to 1,13 level to euro again. Today in the morning it grew by 0,2% to 1,12807. This is the highest level since July 2017.

Swiss National Bank forecasts this year’s economic growth at 2%, and this might be the highest number since 2014. Taking into account recent strengthening of franc, interest rate hike from record low levels is very unlikely.