2018.09.1903:00:00UTC+00SECO Raises Swiss GDP Growth Outlook

The Swiss federal government's expert group raised its growth outlook for 2018 but maintained the estimate for 2019.

The State Secretariat for Economic Affairs said the economy is forecast to grow 2.9 percent this year instead of 2.4 percent projected in June. The outlook for 2019 was retained at 2 percent.

According to SECO, the favorable international economic development is stimulating foreign trade, and companies are investing heavily. However, the agency said the negative risks significantly outweigh the positives and threaten the global outlook.

Further, the agency retained its inflation forecast for 2018 at 1 percent and 0.8 percent next year.

The SECO said Swiss companies are planning to recruit more staff. The labor market is expected to continue its positive development. The unemployment rate is forecast to fall to 2.4 percent next year from 2.6 percent in 2018.