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9/17, 8:08 AM (Source: TeleTrader)
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US, German growth outlook weakens in survey

The expert group of the Swiss State Secretariat for Economic Affairs downgraded the estimated rate of economic expansion of major economies including the country's own gross domestic product. The quarterly update released on Tuesday showed the forecast for the United States was lowered by 0.1 percentage points each for this year and next, to 2.3% and 1.8%, respectively. Germany's growth was slashed by 0.2 points to just 0.7% for 2019 followed by a cut of 0.4 points to 1.1%. The Eurozone's gauge was left at 1.1% for this year and weakened by 0.2 points to 1.3% for 2020.

The prediction for the Swiss economy was reduced by a stunning 0.4 points to 0.8% growth for 2019 while next year was left unchanged at an optimistic 1.7%. The outlook for the rise in China's GDP in 2020 was trimmed to 5.9% for 2020 from 6% registered in the previous report, while the rate was held at 6.1% for the current year.

Analysts warned again of the impact of the trade war between the US and China and the possibility of a disorderly Brexit and Switzerland's fragile relations with the European Union.

Breaking the News / IT