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Financial News: Swiss KOF Cuts 2017 Growth Outlook

Swiss KOF Cuts 2017 Growth Outlook

10/05/2017 - 06:19:00 (RTTNews)

(RTTNews) - Switzerland's KOF Economic Institute downgraded its growth projection for this year because of weak performance in the first half.

In the Autumn Economic Forecast, released Thursday, the institute lowered growth outlook for 2017 to 0.8 percent from 1.3 percent. The think tank said prospects for GDP growth were much gloomier than it had appeared in June.

Over the next two years, the economy will gain momentum buoyed up by sound global economy, said KOF. GDP growth forecast for 2018 was revised to 2.2 percent from 2.1 percent.

For 2019, the agency expects 1.9 percent expansion.

Recovery of the labor market and price increases were slow. Following a weak 0.3 percent this year, full time equivalent employment will rise by 0.8 percent in 2018 and 2019, KOF said.

The KOF forecast consumer prices to increase slightly in the next years, by 0.4 percent for 2017 and 2018 and by 0.5 percent for 2019.

According to KOF, long-term interest rates will indeed slowly rise from next year, but the short-term interest rate might only increase if the corresponding euro interest rate is raised by the European Central Bank.

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