Swiss Govt Sees "Well Below Average Growth" Next Year

RTTNews | 328 дней спустя
Swiss Govt Sees

(RTTNews) - The Swiss economy is set to register well below average growth in 2024 as the weaker momentum in the euro area hurts Swiss exports and higher financing cost curbs investment, the State Secretariat for Economic Affairs, or SECO, said Wednesday. In the economic forecast, the expert group of the SECO said gross domestic product will grow 1.3 percent this year, which was unchanged from the previous outlook. But the government trimmed the outlook for 2024 to 1.1 percent from 1.2 percent. The government expects private consumption to provide some support to growth.

The expert group noted that the subdued momentum in the eurozone is likely to hold back the exposed areas of the Swiss export industry. Moreover, declining capacity utilization and higher financing costs are expected to curb investment activity.

As the global economy gradually recovers from the lull of the prior two years, the SECO said growth would return to normal in 2025, at 1.7 percent.

Due to the economic slowdown, the average unemployment rate is projected to rise to 2.3 percent in 2024 from 2.0 percent in 2023.

After an annual rate of 2.1 percent this year, inflation would ease to 1.9 percent in 2024. The estimate for 2023 was lowered from 2.2 percent, while the 2024 forecast to was left unchanged.

The report also highlighted several risks to the economic outlook. The escalating geopolitical risks could lead to a sharp rise in oil prices and which in turn would force central banks to tighten their policies.

In addition, existing risks associated with global debt, risks of corrections on the property and financial markets and balance sheet risks at financial institutions could intensify, the SECO observed. Further, developments in Germany and China pose risks for the global economy and for Swiss exports, the agency added.

Тэгов: CHF
read more
Swiss Central Bank Trims Policy Rate; Hints At Further Cuts

Swiss Central Bank Trims Policy Rate; Hints At Further Cuts

The Swiss National Bank reduced its key policy rate by 25 basis points for the third straight meeting and signaled additional easing as the franc's strength had lowered inflationary pressure. At the final rate-setting meeting of Thomas Jordan as chairman, the policy board lowered the policy rate to 1.0 percent from 1.25 percent, as expected.
RTTNews | 40 дней спустя
Swiss GDP Growth Accelerates As Estimated

Swiss GDP Growth Accelerates As Estimated

Switzerland's economic growth accelerated in the second quarter as initially estimated on strengthening manufacturing and services output, data from the State Secretariat for Economic Affairs, or SECO, showed on Tuesday. Gross domestic product grew 0.5 percent sequentially after posting 0.3 percent growth in the previous two quarters. The rate came in line with the flash estimate.
RTTNews | 63 дней спустя
Swiss Central Bank Lowers Policy Rate By 25 Bps

Swiss Central Bank Lowers Policy Rate By 25 Bps

The Swiss National Bank lowered its key policy rate for the second consecutive meeting on Thursday, citing easing underlying inflationary pressures. The policy board headed by Thomas Jordan decided to cut the policy rate by 25 basis points to 1.25 percent. The new rate will take effect on June 21. The bank had unexpectedly reduced its rate by a quarter point at the March meeting.
RTTNews | 138 дней спустя
Swiss GDP Growth Accelerates In Q1

Swiss GDP Growth Accelerates In Q1

Switzerland's economic growth accelerated in the first quarter on robust private consumption and the rebound in equipment investment, data from the State Secretariat for Economic Affairs, or SECO, showed on Thursday. Gross domestic product posted a quarterly growth of 0.5 percent in the first quarter after an expansion of 0.3 percent each in the previous two quarters.
RTTNews | 159 дней спустя
Swiss Central Bank Lifts Minimum Reserve Requirement

Swiss Central Bank Lifts Minimum Reserve Requirement

The Swiss National Bank raised the minimum reserve requirement for domestic banks, which is set to reduce its payout. The SNB lifted the minimum reserve ratio to 4 percent from 2.5 percent. The bank also made changes to how it calculates the minimum reserve requirements.
RTTNews | 197 дней спустя
Switzerland's Central Bank Unexpectedly Cuts Policy Rate

Switzerland's Central Bank Unexpectedly Cuts Policy Rate

The Swiss National Bank made a surprise interest rate cut on Thursday and became the first major central bank to ease the policy in the current cycle as the fight against inflation over the last two and a half years has been effective. The SNB unexpectedly lowered the policy rate by 25 basis points to 1.5 percent. Markets had expected the bank to keep the rate unchanged.
RTTNews | 229 дней спустя
Switzerland's Central Bank Retains Key Rate, Cuts Inflation Outlook

Switzerland's Central Bank Retains Key Rate, Cuts Inflation Outlook

The Swiss National Bank kept its benchmark rate unchanged on Thursday and turned more dovish as it lowered the inflation forecast and altered the policy stance on forex interventions. The SNB Governing Board, chaired by Thomas Jordan, decided to hold the policy rate at 1.75 percent. The SNB policy rate has been raised by a cumulative 2.5 percentage points since June 2022.
RTTNews | 327 дней спустя
Swiss Economy Recovers In Q3

Swiss Economy Recovers In Q3

Switzerland's economy rebounded in the third quarter underpinned by exports and consumption, official data showed on Friday. Gross domestic product grew 0.3 percent sequentially, in contrast to the 0.1 percent fall in the previous three months, the State Secretariat for Economic Affairs said.
RTTNews | 340 дней спустя