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

The latest SECO forecast was an improvement from its June outlook when it said it expected Swiss GDP 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.