The KOF Swiss Economic Institute released its growth forecasts for Switzerland on Thursday. The Swiss economy is expected to expand 0.7% in 2015, down from the previous estimate of 0.9%, 1.1% in 2016, down from the previous estimate of 1.4%, and 2.0% in 2017.

The KOF noted that the economy will be driven by exports.

"The impact of the suspension of the minimum exchange rate at the beginning of the year was, and remains, significant for the Swiss economy although, all in all, it was less substantial than initially expected," the KOF said in its statement.

The KOF forecasted that consumer prices in Switzerland would be at -0.5% year-on-year in 2016. The Swiss inflation is not expected to increase to 0.2% year-year before 2017.