Switzerland cuts 2015 growth forecast

GMT 14:06 2014 Thursday ,18 December

Arab Today, arab today Switzerland cuts 2015 growth forecast

Switzerland has cut its growth
Zurich - AFP

Switzerland on Thursday cut its growth forecast for 2015 as a recovery in the eurozone turns out to be more sluggish than earlier thought.
The national statistics agency said it still expects Swiss output to expand by 1.8 percent this year.
But the State Secretariat for Economic Affairs, or SECO said growth for 2015 would be at 2.1 percent rather than the previously forecasted 2.4 percent.
"In the eurozone, ... the economic recovery has been more difficult than hoped for during the year coming to an end, and growth perspectives remain moderate," SECO said in a statement.
It raised concern over the debt and deficit problems plaguing France and Italy and noted that even European powerhouse Germany was expecting to post only muted growth.
The agency said that as long as the gradual eurozone recovery continues, Swiss growth prospects for the two years to come "remain relatively favourable", with output growth forecasted to reach 2.4 percent in 2016.
At the same time, SECO warned that the economic outlook could still cast a shadow over Swiss growth prospects.
Political complications following a Swiss popular vote in February to curb immigration from EU countries, which has soured ties with Switzerland's main trading partner, might also "compromise the expected improvement in the Swiss outlook", it said.

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