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Forecast cuts 2015 Swiss economic growth

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Forecast cuts 2015 Swiss economic growth
What, me worry? Swiss economy seen as continuing to defy trend in eurozone. Photo: Credit Suisse
13:21 CET+01:00
The Swiss federal government's experts' group says Switzerland's economic prospects remain favourable in a "risky environment" although it cut its growth forecast for 2015.

But the group still anticipates Swiss output to expand by 1.8 percent this year, the State Secretariat for Economic Affairs (Seco) said on Thursday.
   
Seco said growth for 2015 is now expected at 2.1 percent rather than the previously forecasted 2.4 percent.
   
"In the eurozone . . . the economic recovery has been more difficult than hoped for during the year coming to an end, and growth perspectives remain moderate," Seco said in a statement.
   
It raised concern over the debt and deficit problems plaguing France and Italy and noted that even European powerhouse Germany was expecting to post only muted growth.
   
Seco said that as long as the gradual eurozone recovery continues, Swiss growth prospects for the two years to come "remain relatively favourable", with output growth forecasted to reach 2.4 percent in 2016.

And the outlook indicates Switzerland will continue to outperform its European neighbours in the coming year.

Unemployment is forecast to drop from an average of 3.2 percent this year to an average of three percent in 2015 and 2.8 percent in the following year.
   
At the same time, Seco warned that the sluggish recovery in Europe could still cast a shadow over Swiss growth prospects.
   
Political complications following a Swiss popular vote in February to curb immigration from EU countries, which has soured ties with Switzerland's main trading partner, might also "compromise the expected improvement in the Swiss outlook", it said.

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