Switzerland’s economy grew 1.2 percent year-on-year in the third quarter, accelerating sharply from the frail second quarter as manufacturing and exports picked up the pace.

Growth rose to 0.6% quarter on quarter from an upwardly modified 0.4% in the second three months, with development comprehensively based crosswise over sectors, the State Secretariat for Economic Affairs said on Thursday.

The fare driven economy extended 0.5% year on year in the second quarter, modified higher from the 0.3% initially announced, its slowest yearly rate in almost eight years.

The third quarter growth effectively beat the normal gauge of 0.9 percent in a Reuters poll of economists, as indicated by Thomson Reuters information.

The Swiss government in September slice its 2017 growth gauge to 0.9 percent. It gauge 2 percent extension in 2018.

“Investments are playing an increasingly important role. That is good news because it can lead to a recovery that will accelerate without external input,” VP Bank said in a note.

“Today’s growth rates are a pre-Christmas present for the SNB. The franc does no longer weigh on the Swiss economy,” the bank’s economists said.

The economy has been steadily recuperating since the Swiss National Bank (SNB) relinquished its 1.20 floor for the franc versus the euro about three years back, sending the place of refuge franc taking off against the currency of its primary fare advertise.

SNB board member Fritz Zurbruegg said on Wednesday that the franc stayed helpless to place of refuge weight, including the central bank was as yet prepared to intervene to stem upward weight on the currency.

The SNB, which has been utilizing negative loan fees and currency intervention to get control over the franc, holds its next quarterly policy meeting on Dec. 14.