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.”
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The Ethos Foundation recommends that shareholders vote against all compensation-related items at the Annual General Meeting on March 7.
Top Swiss firms close to reaching gender quota in boards
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The proportion of women on the boards of directors of the fifty largest listed companies in Switzerland currently stands at 28%.
Swiss committee wants to end government resignations during legislative term
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Members of the Federal Council should no longer be able to leave office before the end of their term, according to a House of Representatives committee.
Swiss government seat: Ritter and Pfister nominated to succeed Amherd
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Markus Ritter from St Gallen and Martin Pfister from Zug were officially nominated by the Centre Party on Friday to succeed Defence Minister Viola Amherd.
Top Swiss court rejects Russian request for administrative tax assistance
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There is currently no reason to transmit banking information to the Russian Federation, the Swiss Federal Court has ruled.
After strike by radiologists, doctors demonstrate in Bern
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Following a strike by radiology technicians in Fribourg, doctors, vets, dentists and chiropractors expressed their frustration on Friday outside parliament in the Swiss capital.
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OECD lowers Swiss growth forecasts for 2019-2020
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The Organisation for Economic Cooperation and Development (OECD) has revised its Swiss growth forecasts downwards for the next two years.
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The Swiss economy is likely to slow in 2019 followed by a “moderate” recovery in 2020, the International Monetary Fund (IMF) says.
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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
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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.
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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.
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