Switzerland Economic Forecast

Switzerland Economic Outlook

June 26, 2018

Comprehensive data confirmed that the economy started the year on strong footing, with healthy quarter-on-quarter GDP growth in Q1. Higher wages, muted inflation and low unemployment supported an acceleration in private consumption growth, while fixed investment rebounded sharply. The latest data suggests that the solid momentum likely carried over into the second quarter: Retail sales in April recorded the sharpest annual increase in over a year, and the unemployment rate declined to a new multi-year low in May. Although the manufacturing PMI declined somewhat in May, it remained elevated, pointing to the good health of the sector. On the political scene, the 11 June referendum proposal to change the current fractional reserve banking system to a sovereign money system was soundly defeated, with over 75% of voters rejecting the measure. The outcome dissipated fears of drastic and unexpected consequences in the country’s banking sector.

Switzerland Economic Growth

The economy is expected to grow at a fast pace this year as a tight labor market and favorable credit conditions support growth in the domestic economy. In addition, export-oriented industries should benefit from a weaker currency. Nevertheless, heightened geopolitical tensions and growing prospects of a global trade war could cause the currency to appreciate due to its safe haven status, dampening growth prospects. Met the why particular panelists expect GDP growth of 2.2% this year, up 0.1 percentage points from last month’s forecast, and 1.7% next year.

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Switzerland Facts

Bond Yield-0.046.27 %Jul 17
Exchange Rate1.00-0.54 %Jul 17
Stock Market8,825-0.82 %Jul 17

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