The Swiss expert group on business cycles predicted economic output to rise by a meagre 1.1% this year (excluding major sporting events) as inflation stabilises at 2.3% (2.8% in 2022).
The first three months of 2023 saw solid private consumer demand and some industrial growth, the State Secretariat for Economic Affairs (SECO) stated on Thursday.
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ʿInflation will keep us busy for a long time to comeʾ
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Inflation is not likely to come down again soon, according to Aymo Brunetti, former head of economic policy for the Swiss government.
Both forecasts are significantly more upbeat than the Organisation for Economic Cooperation and Development OECD that predicted growth of 0.6% in Swiss GDP in 2023, and 1.2% in 2024.
While the Swiss authorities expect unemployment rates of 2% in 2023 and 2.3% next year, KOF pointed out that the International Labour Organisation uses different measurements and predicts a 4.2% jobless rate this year and next.
Inflation should fall to 1.5% in Switzerland next year with the Swiss central bank giving signals it will raise interest rates again in the coming months.
“Overall, domestic demand would thus be the main pillar of growth in 2023. Foreign trade, on the other hand, will likely contribute little to GDP growth,” said SECO.
OECD experts said on Wednesday they predicted growth of 0.6% in Swiss GDP in 2023, and 1.2% in 2024.
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Swiss face sluggish GDP growth prospects in 2023 and 2024
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The economy will “underperform” this year and next, largely due to inflation issues and geopolitical troubles, the OECD reckons.
Swiss central bank hikes interest rate despite banking turmoil
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The Swiss National Bank (SNB) raised the benchmark interest rate on Thursday by to 1.5% in a move to curb inflationary pressure.
Swiss industry faces record shortage of skilled workers
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