RTTNews reports that the State Secretariat for Economic Affairs, or SECO, said in its Autumn forecast that the Swiss economy is expected to expand at a faster pace next year after losing the momentum temporarily this year.

Gross domestic product is forecast to grow 3.4 percent this year, down from the previous outlook of 3.8 percent, the report showed. Nonetheless, the economic activity is likely to have exceeded pre-crisis levels during the summer, the SECO noted.

The projection for 2022 was upgraded to 3.6 percent from 3.5 percent as domestic demand and foreign trade will pick up with growth momentum in the global economy.

Driven in particular by catch-up effects in consumer spending and investment, and also by considerable growth in exports, the Swiss economy is set to grow significantly faster than the historical average in the coming quarters, the SECO said.

The agency raised its inflation outlook for this year to 0.5 percent from 0.4 percent and that for next year to 0.8 percent from 0.5 percent.