28 September 2001, 13:59  Swiss FY GDP forecast cut to 1.72 pct vs 2.04 - economist consensus

ZURICH (AFX) - The Swiss business economists' consensus forecast for the country's full year GDP was today cut to 1.72 pct versus an earlier 2.04 pct estimate due to the economic downturn, fuelled by the impact of the Sept 11 events, said the Swiss Society for Economics and Statistics. Next year's GDP growth forecast was also slashed, to 1.63 pct against 2.19 pct as a significant export drop is forecast. Exports should rise by a mere 2-3 pct against the average 5 pct growth posted over the past five years, it said. The projected full year inflation was cut to 1.24 pct against 1.78 pct, while the projected full year unemployment rate was raised to 1.8 pct against 1.76. Eighteen institutions take part in the survey, including Credit Suisse Group, Swiss Re, UBS AG, ZKB, the Swiss economics ministry and the University of St Gallen.

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