As a result of rising inflation and the war between Russia and Ukraine, the Swiss government lowers the country’s GDP forecasts for this year.
Featured Details
The Swiss government expects GDP growth (sporting event attached) from 2022 of 2.8% (previous forecast was +3.0%).
The government estimates GDP growth of 2023 the +2.0% (previous forecast was +2.0%).
The Swiss government sees the 2022 CPI at +1.9% (previous forecast was +1.1%).
The Swiss government anticipates the 2023 CPI at +0.7% (previous forecast was +0.7%).
The executive one higher inflation and the Ukraine conflict slowing the pace of recovery.
The pandemic situation has improved faster than anticipated.
market reaction
USD/CHF last traded at 0.9352, up 0.09% on the day. Improved market sentiment has dampened safe-haven demand for the US dollar, sending USD/CHF lower from 2022 highs of 0.9365 hit earlier in the day.
Source: Fx Street
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