ZKB experts forecast swiss growth will be moderate

The Zurich Cantonal Bank (ZKB) keeps unchanged its growth forecasts for the Swiss economy: according to the institute's specialists, the gross domestic product will increase by 1.1% this year and 0.9% in 2017.

ZKB economists are therefore fundamentally different from majority of other experts, who have recently revised upwards their estimates after news of a surprisingly large increase in GDP in the second quarter.

According to the Zurich-based bank, evolution, however, was due to exceptional factors, eg relating to volatile gold trading or to the stockpiling. In the second half of the year – according to a study released today – the performance will be hardly repeated.

ZKB forecasts are lower than those of other analysts of the branch: the Swiss National Bank, the Seco and Credit Suisse are for 2016 at + 1.5%, BAK Basel on a + 1.6%. Even with respect to 2017, the ZKB is more pessimistic shows: the estimates of other economists are of between + 1.2% and + 1.9%.