December 18, 2018 / 6:54 AM / a month ago

Swiss government cuts GDP growth forecasts for 2018, 2019

Swiss 100 franc bank notes are withdrawn from an ATM in the northern Swiss town of Kreuzlingen in this picture illustration, January 16, 2015. REUTERS/Arnd Wiegmann

BERLIN (Reuters) - The Swiss government slashed its economic growth forecasts for 2018 and 2019 on Tuesday, citing weak domestic demand that led the economy to contract in the third quarter.

The State Secretariat for Economic Affairs (SECO) said economic output in the third quarter fell 0.2 percent and that it now expected economic growth of 2.6 percent in 2018, lower than the 2.9 percent level it said it expected in its September forecast.

It now sees growth slowing to 1.5 percent in 2019, compared with previous expectations for 2.0 percent. In 2020, it sees growth recovering slightly, to 1.7 percent.

Reporting by Maria Sheahan; Editing by John Miller

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