The State Secretariat for Economics (SECO) released its growth forecasts for Switzerland on Thursday. The Swiss economy is expected to expand 0.8% in 2015, down from the previous estimate of 0.9%, 1.5% in 2016, unchanged from the previous estimate, and 1.9% in 2017.

"The marked slowdown in growth is mainly attributable to the appreciation of the Swiss franc from mid-January. The weaker expansion of global trade and the slowing dynamic of the domestic economy also had a dampening effect," SECO said in its statement.

SECO forecasted that consumer prices in Switzerland would be at -1.1% year-on-year in 2015, unchanged from the previous estimate. The Swiss inflation is expected to be -0.1% next year, down from its September forecast of a 0.1% increase, and 0.2% in 2017.

The unemployment rate is expected to be 3.3% in 2015 and 3.6% in 2016, unchanged from the previous forecasts.