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
Tentative signs of recovery in
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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