This is mainly due to weak domestic demand, which is likely to pick up again only in 2020. GDP is set to grow by 1.5% in 2019 and by 1.7% in 2020.

After five quarters of strong growth, the Swiss economy slowed abruptly in the 3rd quarter and economic output contracted by 0.2%. In the wake of the decline in international growth, Swiss foreign trade decreased. The appreciation of the Swiss franc in the meantime additionally slowed exports, while domestic demand also failed to stimulate growth.

The Expert Group forecasts that both the export and domestic economies will return to moderate growth after the weak 3rd quarter. However, the strong GDP growth rates of the first half of 2018 will no longer be achieved. Leading indicators at home and abroad also point in this direction. Nevertheless, due to the strong first half of the year, GDP growth for 2018 overall is likely to come in well above average at 2.6% (September forecast: 2.9%).