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Markets News

Swiss govt expects 2020 GDP to shrink 3.8%, less bad than feared

ZURICH, Oct 12 (Reuters) - Swiss economic output will shrink by 3.8% this year, a less bad coronavirus-triggered slump than previously expected, the State Secretariat for Economic Affairs (SECO) said on Monday.

The latest SECO forecast was an improvement from its June outlook when it said it expected Swiss gross domestic product would fall 6.2% this year, the worst downturn since 1975.

For 2021 SECO said it expects the Swiss economy to grow by 3.8% when adjusted for income for sporting events, a slower recovery than the 4.9% level that was previously anticipated.

Reporting by John Revill Editing by Riham Alkousaa

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