17.09.201903:08:00UTC+00SECO Cuts 2019 Swiss Growth Forecast

The State Secretariat for Economic Affairs slashed the growth forecast for Switzerland's economy for this year on Tuesday, citing the adverse effect from the slowing global economy and high uncertainty.

The growth forecast for this year was cut to 0.8 percent from 1.2 percent predicted in June.

The GDP growth projection for next year was retained at 1.7 percent.

"Weaker development than previously assumed is anticipated for the global economy and uncertainty is high, which is weighing on the export economy and investment," the SECO said.

Further, SECO attributed the downward revision for 2019 largely to the effect of major sporting events.

This has little relevance for the stance of the business cycle, but it is making both the slowdown of GDP growth in 2019 and the acceleration in 2020 look much more pronounced, the agency noted.