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Financial News: Swiss Govt Maintains Growth Outlook

Swiss Govt Maintains Growth Outlook

06/19/2018 - 03:06:00 (RTTNews)

(RTTNews) - Switzerland's economy is forecast to expand as previously estimated this year as strong global economy and favorable exchange rate developments boost demand for domestic products.

According to the State Secretariat for Economic Affairs, gross domestic product will grow 2.4 percent this year, in line with the estimate published in March. Likewise, the projection for 2019 was retained at 2 percent.

The agency said the weaker Swiss franc exchange rate contributed to export growth. Cyclical and exchange rate-sensitive exports such as machinery and metals or tourism services, should therefore develop robustly.

During the second half of the forecast period 2018/2019, the course of the global economy is expected to gradually return to normal after a period of strong growth, the expert group of the federal government noted.

An additional decline in the unemployment rate to an annual average of 2.5 percent is expected for 2019 compared to 2.6 percent in 2018.

Nonetheless, inflation outlook for this year was lifted to 1 percent from 0.6 percent. In 2019, inflation is forecast to average 0.8 percent instead of 0.7 percent estimated in March.

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