UBS hikes Swiss 2007 GDP forecast to 2.6 pct, sees further rate hikes |
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Published
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Wed, 20 Jun 2007 09:25
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ZURICH (Thomson Financial News) - UBS AG said it has raised its 2007 GDP forecast for the Swiss economy to 2.6 pct from 1.8 pct, after the first quarter of the year showed the fastest growth since the third quarter of 20005.For 2008, the bank also hiked its forecast to 2.3 from 2.0 pct previously.UBS said its confident outlook was based on economic activity which is not only robust but also broadly based.'Most indicators point to sustained positive momentum,' with both domestic growth and export supporting continued growth, the bank said.UBS said the medium-term prospects for low inflation remains intact.Consumer prices are expected to rise by 0.4 pct in 2007 and 0.8 pct in 2008.Given the strong domestic growth, UBS expects the SNB to continue to pursue its policy of gradually normalizing monetary policy with two additional rate hikes of 25 basis points forecasted for September and December.sarah.fenwick@thomson.comjmt/at/sf/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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