That's pretty typical accuracy for the swiss rifles. You need to remember that these rifles were carried a lot, and shot very little. So bores, throats, muzzle crowns are in exceptoinal condition. Throw in the usual swiss anal retentive engineering and you end up with a great shooter. I have 4 with another on the way. The swiss surplus GP ammo is hard to beat too. I must have gone through $200 of bullets, primers and powder coming up with a consistently more accurate load.
ETA: Why do I keep hearing people say the recoil is stout? My GF is about 5' 4" and 135 lbs. She shoots one in a milsurp silhouette match with fairly hot loads so they'll knock down rams at 500 meters and she never complains about the recoil. She'll go to the range and practice and go through 100 rounds of the GP11 ammo. In fact, she shot all my milsurp rifles and decided on using a swiss because she thought it had the most manageable recoil. Except for the swede mauser in 6.5x55, but she didn't like the stock or sights on that.