Federal economists see below-average GDP for 2024
Published: Thursday, Sep 19th 2024, 09:20
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The federal government's economists have left their economic forecast for the current year unchanged. Accordingly, the Swiss economy is likely to continue to grow at a below-average rate. The experts do not see a recovery until next year, albeit somewhat slower than previously assumed.
For 2024, the Federal Government's Expert Group continues to forecast growth in real gross domestic product (GDP, adjusted for sporting events) of 1.2%, as announced by the State Secretariat for Economic Affairs (SECO) on Thursday. This is the same as the last estimate in June.
However, the federal economists have become somewhat more pessimistic for 2025. They now expect growth of 1.6 percent. In June, they were still forecasting growth of 1.7 percent.
These figures do not include major sporting events such as the European Football Championship and the Olympic Games. Every two years, these bring a shower of money into the country because the headquarters of FIFA, Uefa and the International Olympic Committee are in Switzerland. However, this significantly distorts the actual economic development.
If the major sporting events are taken into account, Seco continues to expect GDP growth of 1.6% this year and 1.2% next year. In June, the experts were still predicting GDP growth of 1.3% for 2025.
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