Economic growth forecasts for Switzerland revised upwards

Economists are revising their economic growth forecasts upwards. — Economists are revising their economic growth forecasts upwards

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Forecasts for economic growth in Switzerland this year have improved significantly. This is now also reflected in the latest survey of Swiss economists conducted by the KOF Institute.

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In the survey conducted in September as part of the KOF Consensus Forecast, the experts now expect real gross domestic product (GDP, seasonally adjusted) to grow by 1.7% in 2026. In the last survey in June, the average growth forecast stood at +0.9%, the KOF announced on Friday.

Respondents have also revised their growth expectations for the coming year upwards. The KOF Consensus figure for adjusted GDP growth in 2027 now stands at +1.7%, up from a June forecast of +1.5%.

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Strong investment

Growth is being driven not least by investment activity: experts expect real fixed capital formation to rise by 1.5% in 2026 (June: +0.9%) and by 2.2% in 2027 (June: +1.8%).

Construction investment is set to rise by 2.4% in 2026 (June: +1.2%) and by 1.9% in 2027 (June: +1.6%). Expectations for foreign trade have also been revised upwards.

Seventeen economists took part in the survey, which was conducted from September 3-23, 2026.

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Lower inflation

By contrast, the experts now expect inflation to be slightly lower than previously forecast. They now forecast a rise in the consumer price index of 0.6% for the current year (June: +0.7%) and 0.8% for next year (June: +0.9%).

The outlook for the Swiss labour market, however, remains unchanged. The unemployment rate is again expected to be 3.1% for the current year and 3% for 2027.

Respondents do not expect any major changes in the franc’s external value. The Swiss currency’s exchange rate against the euro is likely to remain at around 0.93 CHF/EUR in three months’ time, while in 12 months’ time the exchange rate is expected to be 0.92. Against the US dollar, a slight decline to 0.81 CHF/USD is expected, falling to 0.80 CHF/USD in 12 months’ time.

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Translated from German, reviewed by an English Department journalist.

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