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.”
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
This content was published on
Swiss imports and exports reached new heights in the first quarter, driven by the chemicals and pharmaceuticals sectors. Shipments to the US rose sharply.
Italian in Switzerland accused of being Calabrian mafia henchman
This content was published on
The Office of the Attorney General of Switzerland has charged an Italian resident of the Anello-Fruci 'Ndrangheta clan in the canton of Aargau.
Swiss CFOs have a pessimistic outlook due to trade wars
This content was published on
In the wake of the trade wars launched by US President Donald Trump, Swiss companies are assessing the future much more pessimistically.
Swiss parcel bomber had links to military and intelligence services
This content was published on
The 61-year-old man who admitted to being Patek Philippe's blackmailer in Geneva had connections in the police and the army.
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.