14.03.201904:33:00UTC+00SECO Trims Swiss Growth Forecast Further

The Swiss government's experts cut the growth forecast for this year further, citing weaker demand for the country's exports due to the slowdown in the global economy and trade.

The GDP growth forecast for this year was trimmed to 1.1 percent from 1.5 percent predicted in December, the State Secretariat for Economic Affairs, or SECO, said Thursday.

The Swiss economy grew 2.5 percent in 2018, which was faster than the 1.6 percent expansion in the previous year.

The government's Expert Group releases macroeconomic forecasts every quarter.

The growth forecast for next year was left unchanged at 1.7 percent, as the global economy is expected to gain moderate momentum, boosting trade and thus, the Swiss economy.

"Switzerland would be particularly affected if the conflict between the US and the EU were to escalate and, for example, substantial tariffs on German cars were to be introduced," the report said.

"Conversely, the domestic and the foreign economy could pick up again more strongly in case of an agreement on major aspects of the trade dispute."