Swiss government slashes 2019 growth forecast to 0.8% vs. 1.2% previous
|The State Secretariat for Economic Affairs' (SECO) released its latest economic forecasts, with the key highlights found below.
2019 GDP growth forecast at 0.8% (previous forecast was 1.2%).
2020 GDP growth forecast 1.7% (unchanged).
2019 inflation forecast 0.5% (previously 0.6%).
2020 inflation forecast 0.4% (previously 0.6%).
Sees exports will grow merely below-average in 2019 for first time in several years.
Sees exports to grow 2.3% in 2019 (previous forecast was 3.1%).
In the coming year, Swiss economy is set to brighten only gradually.
Following the downward revisions to the Swiss economic growth and inflation forecasts, the Swiss franc shaved-off gains against its American peer, now trading neutral near 0.9925 region.
All eyes now remain on the Swiss National Bank (SNB) quarterly monetary policy announcement this Thursday. Markets are not ruling out a surprise 25bps rate cut but the broader consensus is of rates on-hold.
USD/CHF Levels to watch
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