Switzerland’s State Secretariat for Economic Affairs forecasts the economy to perform “considerably below average” in 2024, with modest growth expected to pick up in 2025. Adjusted for major sporting events, GDP growth is projected to be at 1.2% for 2024, unchanged from June’s estimates. However, the outlook for 2025 has been slightly downgraded to 1.6%, compared to June forecast of 1.7%.
Inflation is now expected to decline faster than previously thought, with projections for 2024 revised down to 1.2% (from 1.4% in June) and 0.7% for 2025 (down from 1.1%). This easing of inflationary pressures reflects lower price growth, especially in sectors impacted by the strong appreciation of the Swiss Franc.
SECO acknowledged the challenges posed by sluggish economic activity in Europe, which, alongside the real appreciation of the Swiss Franc, is straining export-sensitive sectors in Switzerland this year. Looking ahead, gradual recovery in Europe is expected to support Swiss exports and boost investments in 2025, helping to stabilize growth across key sectors.
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