It revised its economic forecast upwards slightly from +1.1% in March, following 0.6% growth in the first quarter thanks to vigorous domestic demand.
In a statement on ThursdayExternal link, SECO warned that the flagging global economy was slowing Swiss trade abroad: “In the wake of the declining momentum in the international economy, the development of world trade is weak, and demand for Swiss products is flattening out, slowing down the export economy.”
It pointed to specific risks related to the US-China trade conflict, uncertainties surrounding Brexit and Italy’s financial situation.
However, SECO economists predict Swiss growth to pick up (+1.7%) in 2020.
“Provided that the international trade conflict does not intensify dramatically, the global economy and world trade will grow more strongly again in 2020. This will also support Switzerland’s exports,” it said.
It said: “The currently healthy state of the Swiss economy is mainly attributable to manufacturing. Since the Swiss franc has weakened in recent years and, adjusted for inflation, has reached a level similar to that prior to the abolition of the euro minimum exchange rate, manufacturing has again become more competitive and is generating more normal profit margins.”
This content was published on
The latest figures from the Federal Office of Public Health show that lab-confirmed cases dropped from nearly 2,340 to under 2,000 last week.
Swiss cities targeted by Russian hackers during WEF
This content was published on
Russian hackers have targeted canton Schaffhausen and the cities of Geneva and Sierre, paralysing their websites on Wednesday morning.
This content was published on
Paul Hottinguer, a member of one of Switzerland’s most famous banking families, will face trial in Paris for tax fraud and money laundering.
Swiss man who died in Iranian prison had photographed military site
This content was published on
The Iranian judiciary said that the Swiss man who died in an Iranian prison on January 9 had been detained for photographing a restricted military site.
Swiss researchers patent new device for avalanche detection
This content was published on
The WSL Institute for Snow and Avalanche Research said it has granted a group of Swiss researchers a patent for a device to enhance avalanche warnings.
Berset discusses ECHR climate ruling implementation at Davos
This content was published on
Switzerland has submitted a report on the court's ruling in Strasbourg. Berset told Justice Minister Beat Jans that the Council of Europe is reviewing it.
This content was published on
A 27-year-old ski tourer has died in the hospital in Sion, in southwestern Switzerland, after being caught in an avalanche on Saturday.
Swiss health minister criticises Trump’s ‘rash’ WHO exit
This content was published on
Switzerland has expressed “deep” regret over Trump’s decision to withdraw from the WHO, Swiss Health Minister Elisabeth Baume-Schneider said in Davos.
This content was published on
Job vacancies in Switzerland fell by 10% in 2024, marking the first negative annual balance since the Covid-19 pandemic, says Adecco.
Swiss president meets Zelensky in Davos amid tensions with Europe
This content was published on
Swiss President met Zelensky at Davos. As Zelensky thanked Switzerland, Keller-Sutter said it's too early to discuss a new summit, awaiting Trump's actions.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
OECD lowers Swiss growth forecasts for 2019-2020
This content was published on
The Organisation for Economic Cooperation and Development (OECD) has revised its Swiss growth forecasts downwards for the next two years.
This content was published on
The Swiss economy is likely to slow in 2019 followed by a “moderate” recovery in 2020, the International Monetary Fund (IMF) says.
This content was published on
Worsening international conditions will have a negative impact on Switzerland’s export-driven economy, says the Swiss Economic Institute (KOF).
China slowdown and European populism unnerve luxury watchmakers
This content was published on
A stuttering start to the year for exports of Swiss watches has put brands on alert ahead as the Baselworld fair opens in Basel this week.
This content was published on
After some years of steady but low growth, the Swiss economy expanded by 2.5% in 2018 on the back of a positive global situation.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.