The Swiss government on Tuesday raised this year's growth forecast for the economy, but warned that the outlook is subjected to serious downside risks mainly due to deteriorating environment in Europe.
The State Secretariat for Economic Affairs (SECO) said that the the Federal Government's Expert Group now predicts 1.4 percent growth for the economy this year, faster than 0.8 percent projected in March.
"Thanks to robust domestic economic activity and a relatively resistant export industry, the Swiss economy is performing better than had been anticipated in view of the strong Swiss franc and an economic recession in many EU countries," the report said.
Meanwhile, the growth outlook for 2013 was lowered to 1.5 percent from previously estimated 1.8 percent.
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