Previous post Next post

Growth forecast lowered for Swiss economy

Growth forecast lowered for Swiss economy

The Swiss export industry is expected to suffer from worsening international conditions.

Worsening international conditions will have a negative impact on Switzerland’s export-driven economy, prompting the Swiss Economic Institute (KOF) to lower its forecast for this year.

KOF on Wednesday announced it had revised its growth forecast down from 1.6% to 1% for Switzerland’s gross domestic product. However, the latest outlook for 2020 remains virtually unchanged with growth of 2.1%.

“Brexit uncertainty, economic slowdown in China, downturn in the euro area: the Swiss economy is operating in a tough environment,” KOFexternal link said in press release.

Real wages are set to grow by 0.4% in 2019, further depressing consumer spending, according to the institute.

Adjusted for inflation, salary levels in Switzerland have fallen over the past two years.

The KOF outlook is in line with forecasts from other economic experts.

The government’s State Secretariat for Economic Affairs external linkin its spring forecast adjusted its forecast to 1% from 1.5%, while the independent research institute, BAK Economicsexternal link, and economists at UBS bank lowered their forecasts to 1.1% and 0.9% respectively for 2019.

Full story here Are you the author?
About Swissinfo
SWI – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
Previous post See more for 3) Swiss Markets and News Next post
Tags: ,

🤞 Don’t miss posts anymore!
Subscribe to our newsletter!

Permanent link to this article:

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.