Slow economic recovery in 2016 and 2017
Bern, 17.3.2016 - Economic forecasts by the Federal Government's Expert Group – Spring 2016*. The Swiss economy recorded in 2015 a relatively weak annual GDP growth of 0.9%. The strong appreciation of the Swiss franc was a main factor slowing down economic growth. However, this had a heterogeneous impact on different sectors. The negative exchange rate effects are expected to gradually diminish in the course of 2016 and 2017. In contrast, the international economic context has lost momentum in recent quarters and there is no clear sign of a marked acceleration of global growth. Against this backdrop, the Expert Group expects a gradual improvement of the economic situation in 2016 and 2017 and projects GDP growth to increase to 1.4% in 2016 (as opposed to the 1.5% forecast last December) and 1.8% in 2017 (1.9% forecast last December). In view of this slow improvement, the unemployment rate is likely to rise further to average 3.6% in 2016 and to start declining slightly only in 2017 (to an average of 3.5%).