ZURICH: The Swiss government cut its economic growth forecasts for this year and next on Thursday, citing a gloomy outlook for the neighbouring euro zone.
"In light of the dampened short-term economic outlook for the Euro region, including Germany, the conditions deteriorated compared to the last forecasts in June," economists at the State Secretariat for Economics (SECO) said in a statement.
The SECO cut its growth forecast to 1.8 percent for 2014 from a previous 2.0 percent and lowered its outlook for 2015 to 2.4 percent from the 2.6 percent it predicted in June.
"Although the economic projections for Switzerland are still quite appealing, the downside risks noticeably increased during the last few months," SECO said.
It forecast consumer prices to rise by 0.1 percent this year, and saw inflation of 0.4 percent next year, both of which are unchanged from its June forecasts.
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