- KOF Swiss Economic Institute
Swiss KOF economic institute downgraded its growth forecast for 2012 and 2013, because of gloomy global prospect affected by the eurozone's debt crisis. The Swiss economy is expected to expand by 0.9% in 2012, compared to a previous estimate of 1.2%, while the forecast for 2013 was lowered by 0.4% to 1.3%.
"Due to the slowdown in global economic growth over the summer period and the weaker-than-expected Swiss growth in spring, Swiss GDP will in 2012 only grow by 0.9 percent," KOF said.
"Due to the policy of muddling through, uncertainties regarding the future of the euro persist which are in turn hampering companies' willingness to invest."
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies jumped 0.66 per cent to 6,674.82. The broader Swiss Performance Index edged higher 0.62 per cent to 6,162.58.
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