The Swiss economy is set to register well below average growth in 2024 as the weaker momentum in the euro area hurts Swiss exports and higher financing cost curbs investment, the State Secretariat for Economic Affairs, or SECO, said Wednesday. In the economic forecast, the expert group of the SECO said gross domestic product will grow 1.3 percent this year, which was unchanged from the previous outlook. But the government trimmed the outlook for 2024 to 1.1 percent from 1.2 percent. The government expects private consumption to provide some support to growth.
The expert group noted that the subdued momentum in the eurozone is likely to hold back the exposed areas of the Swiss export industry. Moreover, declining capacity utilization and higher financing costs are expected to curb investment activity.
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