The State Secretariat for Economic Affairs (SECO) said economic output in the third quarter fell 0.2 percent and that it now expected economic growth of 2.6 percent in 2018, lower than the 2.9 percent level it said it expected in its September forecast.

It now sees growth slowing to 1.5 percent in 2019, compared with previous expectations for 2.0 percent. In 2020, it sees growth recovering slightly, to 1.7 percent.