ISSN 2330-717X

UBS Cuts Swiss Economic Growth Forecast

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New forecasts by UBS bank predict Switzerland’s gross domestic product (GDP) will grow next year by 0.4 per cent, down from its previous prediction of 0.8 per cent.

Releasing latest estimates on Friday, the bank also revised down its forecast for Swiss GDP growth in 2013 from two per cent to 1.7 per cent.

The bank said the Swiss economy was showing clear signs of fatigue, citing weak third-quarter GDP figures and the further drop in the purchasing managers’ index (PMI) below the critical level of 50.

UBS economists said the background for this rapid slowdown was the weak economic environment in Europe: a recession in Europe would obviously have serious effects on the Swiss economy, they said.

The bank is forecasting the European economy will shrink by 0.7 per cent next year.

SwissInfo

SwissInfo

swissinfo is an enterprise of the Swiss Broadcasting Corporation (SBC). Its role is to inform Swiss living abroad about events in their homeland and to raise awareness of Switzerland in other countries. swissinfo achieves this through its nine-language internet news and information platform.

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