Switzerland raises economic growth forecast amid easing restrictions

Dhwani Mehta FXStreet

Switzerland’s State Secretariat for Economic Affairs (SECO) has raised the country’s growth forecasts for this year, as the easing of coronavirus restrictions boosts confidence in the recovery.

Key takeaways

Sees 2021 GDP (sport event adj) growth at +3.6% (previous forecast was +3.0%).

Sees 2022 GDP (sport event adj) growth at +3.3% (previous forecast was +3.3%).

Sees 2021 CPI at +0.4% (previous forecast was +0.4%).

Sees 2022 CPI at +0.5% (previous forecast was +0.4%).

Sees strong recovery following the easing of coronavirus measures.

The expert group expects Switzerland’s GDP to grow significantly in Q2 of this year.

USD/CHF reaction

The Swiss franc accelerated gains on the upward revision to the growth forecasts, knocking off USD/CHF to daily lows of 0.8979, down 0.19% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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