Swiss GDP to fall more than expected: official
Switzerland's gross domestic product is likely to shrink more than expected, the head of Switzerland's state secretariat for economics affairs said in remarks published on Sunday.
By Agencies |
GENEVA: Switzerland's gross domestic product is likely to shrink more than expected, the head of Switzerland's state secretariat for economics affairs said in remarks published on Sunday.
"We are putting together the forecasts currently. However I can already say now that GDP will fall more this year and next year than we had earlier expected," Jean-Daniel Gerber told NZZ am Sonntag.
Officials predicted in mid-December that the economy would shrink by 0.8 percent this year before expanding by 1.0 percent in 2010.
Gerber's remarks suggest that his office will cut forecasts when it publishes its latest estimates on March 17.
"The crisis is not over, it can still worsen and last longer. To say otherwise would be naive optimism," added Gerber.
Switzerland's export dependent economy shrank by 0.3 percent in the fourth quarter but reached full-year growth of 1.6 percent for 2008.
"We are putting together the forecasts currently. However I can already say now that GDP will fall more this year and next year than we had earlier expected," Jean-Daniel Gerber told NZZ am Sonntag.
Officials predicted in mid-December that the economy would shrink by 0.8 percent this year before expanding by 1.0 percent in 2010.
Gerber's remarks suggest that his office will cut forecasts when it publishes its latest estimates on March 17.
"The crisis is not over, it can still worsen and last longer. To say otherwise would be naive optimism," added Gerber.
Switzerland's export dependent economy shrank by 0.3 percent in the fourth quarter but reached full-year growth of 1.6 percent for 2008.
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