The Swiss State Secretariat for Economic Affairs (SECO) predicts a 1.2% economic growth this year, lower than the long-term average of 1.8%, the same as the forecast in June. The economic growth forecast for next year has also been lowered by 0.1 percentage points to 1.6%.

Authorities pointed out that the challenging economic environment, especially in Europe, and the recent appreciation of the Swiss franc affecting exchange rate-sensitive exporters, have all impacted economic growth. Authorities also noted that the Swiss economy showed significant growth in the second quarter, driven mainly by the chemical and pharmaceutical industry and strong merchandise exports, while other industries and domestic demand performed weakly. Current indicators indicate moderate short-term economic growth in Switzerland.