Swiss Economic Growth to Slow More Than Expected: Survey
(Corrects GDP forecast for 2013, 2014, number of economists in second paragraph, 2014 inflation in final.)
Switzerland’s economic growth will slow more than expected this year before expanding less than previously forecast in 2013 and 2014, according to economists in a Bloomberg survey.
Gross domestic product is seen rising 0.9 percent this year, 1.1 percent in 2013 and 1.6 percent in 2014, according to the median forecast of 21 analysts in Bloomberg’s quarterly survey on the Swiss economy, which was carried out Nov. 9-14. In an August survey, economists saw GDP growing 1.3 percent in 2012, 1.5 percent next year and 1.8 percent in 2014.
Switzerland’s export-led economy, which expanded 1.9 percent in 2011, is cooling as the euro area’s fiscal crisis and waning global growth erode demand, forcing companies to lower costs. GDP unexpectedly declined in the three months through June and Economy Minister Johann Schneider-Ammann said on Nov. 6 that “growth in the third quarter probably disappointed.”
In the survey, the economists forecast GDP rose 0.2 percent in the three months through September, unchanged from the previous survey. The Swiss government will release third-quarter GDP on Nov. 29.
Consumer prices, which have fallen on an annual basis for the past 13 months, are forecast to decline 0.6 percent this year, more than the 0.5 percent decrease predicted in August, according to the survey. Inflation will probably average 0.5 percent in 2013 and 0.9 percent in 2014, the economists said.
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