SWITZERLAND

摘要

The-2.5% (q-o-q) downturn in Q1 GDP growth was followed by a record -8.2% tumble in Q2, prompted by large setbacks in services and manufacturing, the latter limited somewhat by the strong performance in the Pharmaceuticals sector. Vulnerabilities ahead stem largely from the worrying external outlook since exports fell -9.4% (q-o-q). The country's strong financial system and low debt levels should help to revive growth, along with a pickup in consumer spending. Despite the gloomy data, the government improved its 2020 GDP forecast to -5.0% this month and anticipates a smaller dent in the labour force than previously estimated.