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The Swiss economy continued to perform relatively well until the Spring of 2014. However, the robust dynamic of the domestic economy is in contrast with the development of exports which remains sluggish. In view of the rather irregular recovery of the global economy the positive turnaround in exports has still not clearly materialised. The Federal Government’s Expert Group continues however to expect the economic upturn in Switzerland to strengthen further until 2015. Because of the delayed recovery in exports the economic improvement is likely to take slightly longer than anticipated in March. Growth in GDP for 2014 is now expected to be 2% (previous March forecast +2.2%) and should accelerate to 2.6% in 2015 (previous forecast 2.7%). Given the overall positive economic outlook, the recovery in the labour market is likely to gather further pace and the level of unemployment should continue to fall.
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