Swiss economic growth is slowing

Switzerland’s economy is set to keep growing, but at a slower pace according to latest monthly data, analysts from the Swiss Economic Institute (KOF) said on Friday. “The upwards dynamic of the KOF Economic Barometer that was observed in the recent months is decelerating,” the institute said in a statement, adding that annualised gross domestic product (GDP) growth “should remain positive during the next few months.” In September, the KOF index showed that the Swiss economy had reached 1.67 points, up 0.08 points from August’s figure. Its data — calculated after contacting around 7,000 businesses — supports the recent release of lower GDP forecasts by the Swiss National Bank which expected growth to fall to 1.0 percent from 1.5 percent for 2012. The State Secretariat for Economic Affairs (Seco) also expects the same depressed level of growth, having downgraded its 2012 forecasts from 1.4 percent announced in June. Unemployment, meanwhile, is set to rise to 2.9 percent of the workforce by the end of the year and reach 3.3 percent in 2013, Seco said.