It revised its economic forecast upwards slightly from +1.1% in March, following 0.6% growth in the first quarter thanks to vigorous domestic demand.
In a statement on ThursdayExternal link, SECO warned that the flagging global economy was slowing Swiss trade abroad: “In the wake of the declining momentum in the international economy, the development of world trade is weak, and demand for Swiss products is flattening out, slowing down the export economy.”
It pointed to specific risks related to the US-China trade conflict, uncertainties surrounding Brexit and Italy’s financial situation.
However, SECO economists predict Swiss growth to pick up (+1.7%) in 2020.
“Provided that the international trade conflict does not intensify dramatically, the global economy and world trade will grow more strongly again in 2020. This will also support Switzerland’s exports,” it said.
It said: “The currently healthy state of the Swiss economy is mainly attributable to manufacturing. Since the Swiss franc has weakened in recent years and, adjusted for inflation, has reached a level similar to that prior to the abolition of the euro minimum exchange rate, manufacturing has again become more competitive and is generating more normal profit margins.”
Swiss-EU treaties: signatures handed in for Kompass initiative
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The committee behind the Compass Initiative submitted the signatures it had collected to the Federal Chancellery on Friday.
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Esther Grether has died aged 89. Considered one of Switzerland’s leading entrepreneurs, the owner of the Basel-based Doetsch Grether Group was also a major shareholder in the Swatch Group and an art collector.
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The flag of the Swiss Wrestling Federation has been received at the start of the Swiss Wrestling and Alpine Festival in Mollis, canton Glarus.
Figurine heads in Zurich school not considered discriminatory
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The 16 carved figurine heads in the auditorium of the Hirschengraben school building in Zurich are not discriminatory, according to an independent expert report.
Swiss political parties report income of CHF22.4 million for 2024
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Ten parties reported income totalling CHF22.4 million for 2024, less than in the 2023 election year. The reports are based on the regulations for transparency in political financing.
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OECD lowers Swiss growth forecasts for 2019-2020
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The Organisation for Economic Cooperation and Development (OECD) has revised its Swiss growth forecasts downwards for the next two years.
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The Swiss economy is likely to slow in 2019 followed by a “moderate” recovery in 2020, the International Monetary Fund (IMF) says.
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Worsening international conditions will have a negative impact on Switzerland’s export-driven economy, says the Swiss Economic Institute (KOF).
China slowdown and European populism unnerve luxury watchmakers
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A stuttering start to the year for exports of Swiss watches has put brands on alert ahead as the Baselworld fair opens in Basel this week.
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After some years of steady but low growth, the Swiss economy expanded by 2.5% in 2018 on the back of a positive global situation.
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.