KOF Expects Slightly Weaker Dynamics of the Swiss Economy
Published: Wednesday, Sep 27th 2023, 09:26
Updated At: Friday, Oct 13th 2023, 14:12
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The Swiss economy is expected to experience a slightly weaker growth than previously predicted, according to the ETH Zurich's KOF economic research institute. The Gross Domestic Product (GDP) is expected to grow by 0.8% this year, returning to the spring forecast of 0.9% which was slightly increased in June. The Swiss economy is currently being affected by two opposing trends: the private consumption and robust job market are supporting the domestic economy, while the weakness of the global economy is weighing on the export-oriented Swiss economy. The KOF has revised its forecast for 2024, expecting a growth of 1.9% instead of 2.1%. The main reason for this revision is the lower dynamism of exports. The KOF has also provided a forecast for 2025, predicting a growth of 1.6%. Inflation is expected to remain high, with the Consumer Price Index (CPI) rising by 2.2% this year and 2.1% next year. This is higher than previously expected, due to higher rental prices and electricity prices. In 2025, inflation is expected to slow down to 1.1%.
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