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Central bank forecasts slightly lower growth for Swiss economy

The Swiss National Bank cut its key interest target range by 25 basis points last week


The vice president of the Swiss National Bank (SNB), Bruno Gehrig, said on Tuesday he expected the Swiss economy to grow by two per cent this year and next.

Speaking to chambers of commerce in the Swiss/German border region in Freiburg im Breisgau, Gehrig said this represented more or less the growth potential of the economy.

Last week, the National Bank said that the economy would grow slightly less than the 2.2 per cent it announced at the end of last year but did not elaborate.

Gehrig also said that there were for the time being no reasons for further interest rate cuts.

The Bank surprised the markets last week by cutting its key interest target range by 25 basis points to a range from 2.75 to 3.75 per cent. The SNB said the move was in response to increased economic uncertainty.

Gehrig said in Freiburg that another reason for the move was that mid-term prospects for inflation were good.

swissinfo with agencies


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