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The Federal Government’s Expert Group has decided not to currently issue a full intermediate update of the forecasts prior to the next regular press release on 19 March 2015. However, the Expert Group does acknowledge that the removal of the 1.20 floor on the CHF-euro exchange rate on 15 January by the Swiss National Bank and the subsequent sharp appreciation in value of the Swiss franc against the Euro and other currencies means that one of the central as-sumptions on which the forecasts were based – a currency exchange rate situation remaining essentially unchanged – is no longer valid. The most recent official forecasts which were pub-lished on 18 December 2014 assumed growth in GDP of 2.1% for 2015 and 2.4% for 2016, as well as a slight fall in unemployment, have therefore been overtaken by events. If the Swiss franc remains at a significantly higher level over an extended period, economic development must be expected to be weaker than had been assumed in the previous forecasts.
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