Swiss economy recovers more slowly than hoped, according to KOF
Published: Wednesday, Sep 25th 2024, 10:20
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According to economic researchers at ETH Zurich (KOF), the economic recovery in Switzerland is proceeding more slowly than hoped. The main reason for this is the weakness in Europe, particularly in Germany, Switzerland's most important trading partner.
As a result, the KOF now only expects real gross domestic product (GDP, adjusted for sporting events) to grow by 1.1 percent instead of 1.2 percent in the current year, according to a statement issued on Wednesday. The forecast for 2025 has been reduced from 1.8 percent to 1.6 percent. The initial forecast for 2026 is 1.7 percent.
According to the communiqué, the eurozone is struggling to gain momentum. In Germany in particular, there are no signs of a clear economic recovery. In its last forecast in June, the KOF had still hoped for a rapid improvement, particularly in Germany, France and Italy. According to the press release, momentum in the USA will now also slow in the near future.
The Swiss export industry is suffering as a result, particularly the machinery, electrical and metal industries. The KOF assumes that exports will virtually stagnate until next spring and will only pick up speed after that.
©Keystone/SDA
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