Swiss economy to take 3% hit - SNB's Roth

Jean-Pierre Roth, chairman of the Swiss National Bank, has said that GDP this year is expected to contract by 3%, suggesting a less severe recession than in Germany or the United Kingdom.

GDP is expected to be flat over 2010. Roth indicated that Swiss companies were generally strong, on the back of their performance in the years up to 2008.

Roth also argued that Swiss banks are relatively well-positioned to weather the downturn and that - despite the crisis that has hit UBS, Switzerland's bigg