Economic growth in Switzerland has also been considerably slower in 2023 than in 2022.
“Swiss economic growth was modest in 2023. According to the initial estimate by the State Secretariat for Economic Affairs (SECO), growth in GDP adjusted for seasonal effects and sporting events was 1.3%. This was significantly slower than the 2.5% recorded the year before,” says the bank in its 2023 Annual Report.
The decline in both inflation and growth raises the question of whether the SNB will need to ease policy and trim its 1.75% policy rate. The probabilities of the SNB cutting interest rates on Thursday stand at 29%, according to a Reuters’ report published on Monday. If it were to cut rates the Swiss Franc would weaken, as lower interest rates attract less foreign capital inflows
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