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Financial News: SECO Downgrades Swiss 2017 GDP Forecast

SECO Downgrades Swiss 2017 GDP Forecast

09/21/2017 - 02:49:00 (RTTNews)

(RTTNews) - The State Secretariat for Economic Affairs downgraded its Swiss growth projection for 2017 because of the weak performance in the first half of the year.

The expert group of government forecast a moderate 0.9 percent expansion this year instead of 1.4 percent estimated in June. However, the projection for 2018 was lifted marginally to 2 percent from 1.9 percent.

The solid momentum in the global economy is set to support the export sector, while the domestic sector is also expected to gather pace.

According to Autumn forecast, private spending is forecast to climb 1.3 percent in 2017 and 1.4 percent in 2018. Likewise, growth in government spending is seen at 1.3 percent and 1.2 percent in 2018.

The government forecast construction investment growth to ease to 1.2 percent next year from an estimated 1.4 percent in 2017.

Exports are forecast to grow 3 percent in 2017 and 4.2 percent in 2018. At the same time, imports growth is seen at 3.4 percent this year and 4.1 percent next year.

The SECO maintained its inflation projections for both 2017 and 2018. Inflation is expected to slow to 0.2 percent in 2018 from 0.5 percent estimated for this year.

Accelerating growth will bring a marked increase in employment and a further decline in the unemployment rate. The jobless rate is forecast to fall to 3 percent from 3.2 percent in 2017.

Positive and negative risks to the outlook are more balanced than in previous quarters, the agency said.

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