Swiss institute lowers GDP growth for this year

(MENAFN) Worsening international conditions are expected to negatively affect Switzerland's export-driven economy, while the Swiss Economic Institute (KOF) declared lowering its outlook for this year.

"Brexit uncertainty, economic slowdown in China, downturn in the euro area: the Swiss economy is operating in a tough environment. KOF is lowering its forecast for GDP growth in 2019 from 1.6 percent to 1.0 percent," said the institute affiliated to the Swiss university ETH Zurich.

Nevertheless, the latest outlook for next year remains virtually unchanged with a growth of 2.1 percent.

KOF said: "The economic slowdown is likely to continue in China too. Although the outlook for the United States remains sound, the partial shutdown of the U.S. federal government has depressed business activity appreciably in the first quarter of 2019."

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