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Financial News: SECO Lifts Swiss GDP Outlook

SECO Lifts Swiss GDP Outlook

03/20/2018 - 03:22:00 (RTTNews)

(RTTNews) - The Swiss economy is set to continue its dynamic recovery underpinned by foreign trade and domestic demand, the State Secretariat for Economic Affairs said Tuesday.

In the Spring forecast, the federal government's expert group forecast 2.4 percent growth this year, slightly faster than the 2.3 percent rise estimated in December. Similarly, the outlook for 2019 was raised to 2 percent from 1.9 percent.

The agency observed that the buoyant international economy is supporting foreign trade and a favorable investment climate is stimulating domestic demand.

However, there is likely to be only a moderate rise in consumption over the coming quarters. Nonetheless, consumption is expected to accelerate eventually over the course of the forecast period.

The promising upturn is to be accompanied by a further noticeable brightening on the labor market and a moderate rise in inflation, the SECO said.

The expert group doubled its inflation projection for 2018 to 0.6 percent from 0.3 percent but maintained its estimate for 2019 at 0.7 percent.

The government anticipated a marked increase in employment to 1.3 percent in 2018 and 1.0 percent in 2019, and a further drop in unemployment to 2.9 percent in 2018 and 2.8 percent in 2019.

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