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Financial News: Swiss KOF Institute Trims 2018 Growth Projection

Swiss KOF Institute Trims 2018 Growth Projection

06/15/2018 - 09:18:00 (RTTNews)

(RTTNews) - Switzerland's KOF Economic Institute, on Friday, downgraded its economic outlook for this year but lifted 2019 projection.

In the Economic Forecast, the think tank said the economy is growing quite strongly. The institute projected 2.3 percent growth this year versus prior estimate of 2.5 percent.

Meanwhile, the outlook for 2019 was lifted to 1.9 percent from 1.8 percent. KOF expects the strongest drivers of economic performance to come from the service sector, particularly the insurance industry.

The inflation outlook for this year was raised marginally to 0.8 percent from 0.7 percent. Similarly, the estimate for 2019 was upgraded to 0.6 percent from 0.5 percent.

The labor market generally reacts delayed on the economic situation, the agency said. Growth in employment has accelerated, which is an indicator for businesses having greater confidence in the economic situation.

The ILO jobless rate is seen at 4.5 percent in 2018 and 4.3 percent in 2019.

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