Macro - Country Economic Forecasts - Switzerland

Macro - Country Economic Forecasts - Switzerland

We have revised our 2023 GDP growth forecast for Switzerland upwards by 0.1ppt to 0.6 %, or to 1.1% from 1% after adjusting for sporting events. Initial indicators, like the slight increase in exports of goods, suggest activity in Q3 was better than we expected last month. We now assume the Swiss economy will stagnate in H2 2023 rather than endure a technical recession. But the overall picture remains one of a lacklustre performance over the remainder of 2023 and we continue to forecast 1% growth in 2024, or 0.7% when adjusted for sporting events.