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Swiss govt sees GDP shrinking by 2.2 pct in 2009

Published 03/17/2009, 02:52 AM
Updated 03/17/2009, 02:56 AM

ZURICH, March 17 (Reuters) - The Swiss government slashed its forecasts for the Swiss economy sharply and is now predicting a severe decline in gross domestic product for this year.

Swiss GDP was set to fall 2.2 percent in 2009, the State Secretariat for Economic Affairs (SECO) said on Tuesday. Next year, however, the economy should grow by 0.1 percent.

So far, the SECO had forecast a decline of 0.8 percent in 2009 and it had expected the economy to grow again in 2010.

Last week, the Swiss National Bank also slashed its forecast, predicting a decline between 2.5 and 3.0 percent for 2009, which would be the worst recession since 1975.

(Reporting by Sven Egenter)

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