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Switzerland : Swiss govt cuts economic growth forecasts for 2014, 2015

June 17, 2014



The Swiss government cut its economic growth forecasts for this year and next on Tuesday, citing a sluggish outlook for exports as slow growth in the European Union, Switzerland's main trading partner, dents demand for Swiss goods.

Tentative signs of recovery in Europe have yet to push up demand for Swiss exports, obstructing economic growth in Switzerland. "The economic picture is still split, with a good domestic economic trend on the one hand and muted exports on the other,"economists at the State Secretariat for Economics (SECO) said.

The SECO trimmed its growth forecast to 2.0 percent for 2014 from the previous 2.2 per cent and cut its outlook for 2015 to 2.6 per cent from the 2.7 per cent it predicted in March.

A slight recovery in some areas of exports helped the Swiss economy spring back from a weak fourth quarter, although its performance fell short of expectations. "(We) continue to expect the economic upturn to strengthen up to 2015," the SECO said. "However, the economic recovery may be somewhat slower than was forecast in March due to lagging exports." While exports of chemicals and pharmaceutical products have been rising, improvement in other areas such as machinery and metals exports has been more modest. Sales of high-end Swiss watches grew slightly in April.


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Source: TendersInfo (India)


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