The Swiss economy embarked on a steady growth path in recent months and will continue to gain momentum despite risks such as the increased uncertainty created by Brexit. This was stated by the State Secretariat for Economic Affairs (SECO), while improving forecasts for 2016.
The government agency has raised its forecast for GDP growth this year to 1.5 percent from 1.4 in June. However, the forecast for next year was maintained at 1.8 per cent.
It is expected continued moderate recovery in the euro area and in the rest of the world. Recall, the Swiss economy grew by 0.6 percent in the second quarter. “According to our estimates, the current set of circumstances will lead to positive consequences for Switzerland as higher volume of foreign trade and the gradual stabilization of the economic recovery in the country”, – said the agency.
With the improvement in growth, SECO expects that unemployment will gradually slow down. Experts expect that the unemployment rate will be 3.3 percent this year and will be kept stable in 2017.
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