GENEVA, March 21 (Xinhua) -- A Swiss government expert group said Tuesday that it expects Switzerland's gross domestic product (GDP) to grow by 1.6 percent in 2017, with forecasts suggesting that economic growth will accelerate to 1.9 percent next year.
"In comparison to the previous forecast (plus 1.8 percent for 2017), this represents a slight technical downward adjustment resulting from the sluggish close of 2016," it revealed in a statement.
"Growth is nevertheless expected to step up significantly over the coming quarters, largely offsetting the lack of momentum at the turn of 2017," it added.
The economic breakdown shows that the export of goods at the beginning of the year have been strong. This has particularly been the case for both chemical and pharmaceutical products.
Domestic demand also appears to be on the road to recovery, the group highlighted, with private consumption set to regain momentum amid a "recovering job market and steady population growth."
According to predictions, unemployment levels in the confederation are expected to drop to 3.2 percent this year, further decreasing to 3.1 percent in 2018.
The expert group highlighted that the global economy is also set to continue its moderate expansion in coming years, a trend which will have a positive impact on the confederation's economy.
"Provided the Swiss franc does not again appreciate strongly, growth in exports could prove more broad-based than in the previous year," the group noted.
"For instance, the machinery, electronics and metal industry is confident and could benefit from the faster growth rates in the export markets," it added.
Experts warned however that uncertainties remain, namely in relation to U.S. economic and trade policies, upcoming elections in France and Brexit's effect on political and economic relations.
A single purchase
