Following a recession in 2009, economic growth in Switzerland bounced back strongly, outpacing its main European trading partners and matching the strength of the US recovery (, Panel A). As the recession hit, the Swiss National Bank (SNB) implemented an ultra-low interest rate policy and in 2011 enforced a ceiling on the franc versus the euro. The rebound in growth has been led primarily by exports, which recovered quickly after the 2009 recession (Panel B), and household consumption. Switzerland’s performance in terms of per capita GDP growth over the past decade has been near the OECD average, as has its labour productivity performance (Panel C).