Thursday , November 21 2024
Home / SNB & CHF / Growth forecast lowered for Swiss economy

Growth forecast lowered for Swiss economy

Summary:
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

Topics:
Swissinfo considers the following as important: , , ,

This could be interesting, too:

Marc Chandler writes Sterling and Gilts Pressed Lower by Firmer CPI

Ryan McMaken writes A Free-Market Guide to Trump’s Immigration Crackdown

Wanjiru Njoya writes Post-Election Prospects for Ending DEI

Swiss Customs writes Octobre 2024 : la chimie-pharma détermine le record à l’export

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.


Tags: ,,
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch 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.

Leave a Reply

Your email address will not be published. Required fields are marked *