The Swiss Times - Swiss News in English

UBS Lowers GDP Forecast for Swiss Economy

The economists of the major bank UBS have slightly lowered their growth forecasts for the Swiss economy in 2023 following the publication of the GDP figures for the second quarter. They attribute this to a weak sentiment in the industry. UBS Switzerland now expects an economic growth of 0.7% in 2023, down from the previously expected 0.9%. For 2024, they expect a GDP growth of 0.9% (previously 1.3%). According to the figures released by the State Secretariat for Economic Affairs (SECO) in the morning, the Swiss economy has stagnated in the second quarter. Private consumption supported growth, while investments and exports weighed on the economy. The UBS economists now conclude that Switzerland will grow below average in 2023. Only in 2024 will the economy improve during the course of the year, as a decrease in inflation and the end of interest rate hikes will then support the economy in Europe - and thus also improve the export prospects of Switzerland.nnnnnnnnnnnnnnnnnn

©Keystone/SDA

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