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999
global economic growth continued in the second quarter in line with the snbs expectations
neutral
not forward looking
certain
2,015
549
despite the recent increase in the number of encouraging economic signs, uncertainty as to future developments remains considerable
neutral
forward looking
uncertain
2,009
476
the swiss national bank snb is maintaining its minimum exchange rate of chf 1.20 per euro
neutral
not forward looking
certain
2,013
663
the labour market is showing signs of improvement
neutral
forward looking
uncertain
2,006
820
several indicators were already pointing to a brighter outlook for the economic situation, and second-quarter economic data now confirm the picture of a broad-based recovery
hawkish
forward looking
uncertain
2,005
736
swiss gdp growth was solid in the first quarter of 2023
neutral
not forward looking
certain
2,023
867
the forecast puts average annual inflation at 2.1 for 2023, 1.9 for 2024 and 1.6 for 2025 cf
dovish
forward looking
certain
2,023
32
september 2012 2 downside risks to the swiss economy will also stay high in the near term
dovish
forward looking
certain
2,012
990
gdp thus rose only slightly in the fourth quarter of 2020, this following robust growth in the previous quarter
neutral
not forward looking
certain
2,021
676
however, for the coming quarters the snb expects only moderate growth in global economic activity by longer-term comparison
neutral
forward looking
certain
2,024
234
moreover, momentum in the swiss residential mortgage and real estate markets remains strong, and has led to a further increase in risks for financial stability
hawkish
forward looking
certain
2,012
833
banks sight deposits held at the snb will be remunerated at the snb policy rate up to a certain threshold, and at 1.0 above this threshold
neutral
not forward looking
certain
2,024
892
essentially, the snbs conditional inflation forecast is unchanged from its september forecast
neutral
forward looking
certain
2,012
472
overall, inflation in switzerland is currently being driven mainly by higher prices for domestic services
hawkish
forward looking
certain
2,024
201
in doing so, it is countering inflationary pressure, which has increased again over the medium term
hawkish
not forward looking
certain
2,023
745
the forecast puts average annual inflation at 1.4 for 2024, 1.2 for 2025 and 1.1 for 2026 cf
dovish
forward looking
uncertain
2,024
678
equally, a renewed increase in geopolitical tensions could result in weaker development of global economic activity
dovish
forward looking
uncertain
2,024
959
in addition, the consequences of the earthquake catastrophe in japan are, at this stage, difficult to assess
neutral
not forward looking
uncertain
2,011
710
during the past year, the national bank has markedly eased its monetary policy, lowering the target range for the three-month libor by a total of 1.75 percentage points
dovish
not forward looking
certain
2,002
159
with a view to further increasing the banks room for manoeuvre, the snb is examining whether a relaxation of the countercyclical capital buffer would be possible despite the risks on the mortgage and real estate markets
hawkish
forward looking
certain
2,020
368
by contrast, exports of goods and services stagnated
dovish
not forward looking
certain
2,015
185
thereafter, forecast inflation rises more rapidly than in the december forecast, due to the interest rate reductions since the last monetary policy assessment
hawkish
forward looking
certain
2,015
728
the inflation forecast shows that the rate of inflation will drop below the 2 mark in 2009
dovish
forward looking
uncertain
2,008
735
at the same time, some risks have had to be weighted more heavily than in the december assessment
neutral
not forward looking
certain
2,005
492
the economic signals for the coming months remain favourable
neutral
forward looking
certain
2,018
505
inflation measured by the national consumer price index cpi decreased from 1.5 in the second quarter 2001 to 0.4 in the fourth quarter 2001
dovish
not forward looking
certain
2,002
168
since the indicators for the demand for labour are still at a high level, the rise in employment is likely to continue in the first part of 2008
hawkish
forward looking
certain
2,008
38
in this environment, unemployment should continue to rise slightly, while the utilisation of production capacity is likely to decline slightly
dovish
forward looking
certain
2,024
101
subdued demand from abroad, the loss of purchasing power due to inflation, and more restrictive financial conditions are having a dampening effect
hawkish
forward looking
certain
2,023
233
the new conditional forecast subsequently moves closer to that of the last quarter, and is in line with it from 2018
neutral
forward looking
certain
2,016
266
it is still aiming to keep the libor within the lower end of this range, i.e
dovish
forward looking
certain
2,009
470
finally, there are still important downside risks to growth from the war in ukraine and the pandemic
neutral
forward looking
uncertain
2,022
688
growth was primarily driven by manufacturing, which benefited from dynamic economic developments abroad and the weaker swiss franc
hawkish
not forward looking
certain
2,017
707
for 2024, the snb currently expects growth of between 0.5 and 1
hawkish
forward looking
certain
2,023
278
however, at present there is considerable uncertainty with regard to assessment of the inflation outlook
neutral
forward looking
uncertain
2,007
570
the revised gdp figures for recent years reveal stronger growth momentum than was originally reported
hawkish
not forward looking
certain
2,018
670
the other major economic areas also recorded favourable economic activity in the third quarter
hawkish
not forward looking
certain
2,016
675
on the one hand, the unexpectedly low rates of inflation for october and november are serving as a lower departure point for the forecast
dovish
forward looking
certain
2,013
144
the us economy is growing at a slightly slower pace than expected, and the downside risks have increased
dovish
not forward looking
certain
2,007
918
annual inflation measured by the national consumer price index inflation rate compared with the previous year was very stable in the second half of 2003 and averaged 0.5
neutral
not forward looking
certain
2,004
141
consequently, the economy is progressing faster than its long-term average potential, with a high level of resource utilisation
hawkish
forward looking
certain
2,006
263
this scenario for the global economy is still subject to significant risks
dovish
forward looking
certain
2,024
128
the snb will continue to monitor the development of inflation closely, and will adjust its monetary policy again if necessary to ensure inflation remains within the range consistent with price stability over the medium term
hawkish
forward looking
uncertain
2,024
607
however, the downturn in the international economy and the measures to contain the virus will lead to a marked decline in economic activity in switzerland as well in the first half of the year
dovish
forward looking
certain
2,020
108
the swiss national bank is maintaining its expansionary monetary policy, thereby stabilising price developments and supporting economic activity
dovish
forward looking
certain
2,019
105
year-on-year inflation, as measured by the national consumer price index, dropped to 0.5 in the second quarter of 2003 from 1.0 in the first quarter
dovish
not forward looking
certain
2,003
35
the snbs new conditional inflation forecast is therefore above that of december, particularly for 2022 cf
hawkish
forward looking
certain
2,022
839
moreover, public spending will play a countercyclical role
neutral
forward looking
certain
2,009
537
the situation varies considerably from one industry to another, however
neutral
not forward looking
uncertain
2,015
495
the further deterioration in the inflation outlook stems partly from the unfavourable prospects for the global economy and a more pronounced underutilisation of production capacity in switzerland, and partly from the fact that a depreciation of the swiss franc has failed to materialise as expected
hawkish
not forward looking
certain
2,012
979
global economic growth has slowed markedly recently
dovish
forward looking
certain
2,022
271
however, goods exports are likely to pick up in the next few months as the global economy recovers
hawkish
forward looking
certain
2,009
8
the latest rise in inflation is principally due to higher prices for goods, especially energy and food
hawkish
not forward looking
certain
2,022
737
this slowdown is on the one hand attributable to the high level of inflation, which is weighing on purchasing power and thus reducing demand
hawkish
not forward looking
certain
2,022
523
the swiss national bank is lowering the snb policy rate by 0.25 percentage points to 1.25
dovish
not forward looking
certain
2,024
968
for 2012, the inflation rate will amount to 0.7
neutral
forward looking
certain
2,012
279
subdued demand from abroad, the loss of purchasing power due to inflation, and more restrictive financing conditions are having a dampening effect
hawkish
not forward looking
certain
2,023
853
for 2013, the snb now anticipates slightly lower inflation of 0.3
dovish
forward looking
uncertain
2,013
899
for the year as a whole, however, the swiss economy grew by 3.7
hawkish
not forward looking
certain
2,022
282
the exchange rate is important to the national bank
irrelevant
not forward looking
certain
2,007
758
this situation is likely to ease over the medium term, however, with inflation abroad dropping back to more moderate levels
dovish
forward looking
certain
2,021
375
in july, it contracted to 0.3 and amounted to 0.5 in august
neutral
not forward looking
certain
2,003
937
the european economy has also undergone a significant contraction
dovish
not forward looking
certain
2,009
92
in these exceptional circumstances, the snbs expansionary monetary policy is more necessary than ever for ensuring appropriate monetary conditions in switzerland
dovish
forward looking
certain
2,020
371
the cautiously optimistic baseline scenario continues to be subject to considerable downside risks; this is due to political uncertainty and structural problems in a number of advanced economies
dovish
forward looking
certain
2,017
190
in the advanced economies, expansionary monetary policy and the robust situation on the labour market are lending support, as is fiscal policy in some countries
dovish
not forward looking
certain
2,019
546
for 2011 as a whole, real gdp growth of 1.52.0 can be expected
neutral
forward looking
uncertain
2,011
804
in its baseline scenario for the global economy, the snb assumes that energy prices will remain high for the time being, but that there will be no acute energy shortages in the major economic areas
hawkish
forward looking
uncertain
2,022
325
against expectations, the low energy prices have had only a limited stimulatory effect on household consumer spending
dovish
not forward looking
certain
2,016
568
loans other than mortgage loans, referred to as other loans, declined by 1.6 in july
dovish
not forward looking
certain
2,009
404
an appreciation of the swiss franc would compromise price stability and would have serious consequences for the swiss economy
dovish
forward looking
certain
2,013
352
the new forecast puts average annual inflation at 3 for 2022, 2.4 for 2023 and 1.7 for 2024 cf
hawkish
forward looking
uncertain
2,022
866
consumer price inflation edged down worldwide due to lower oil prices
dovish
not forward looking
certain
2,015
208
the improvement is beginning to assist the swiss export sector, while the domestic sector is performing well
neutral
not forward looking
certain
2,010
679
given the uncertain geopolitical situation, the price of oil is likely to fluctuate around usd 30 a barrel for some time yet, before coming back down to around usd 25 a barrel
hawkish
forward looking
uncertain
2,003
145
however, although the growth in the us in the past few months has been surprisingly positive, economic performance has been disappointing in europe
dovish
not forward looking
certain
2,010
567
it is continuing its generous and flexible provision of liquidity to the swiss franc money market
dovish
forward looking
certain
2,008
793
inflation in many countries remains above central banks targets
hawkish
not forward looking
certain
2,024
6
if global activity proves disappointing or the turmoil on the financial markets increase, downside risks will again emerge for the economy and price stability in switzerland
dovish
forward looking
certain
2,012
329
due to the deepening of the global recession, the snb is now forecasting a contraction in gdp of between 2.5 and 3 for this year
dovish
forward looking
uncertain
2,009
857
for 2020, the snb now expects an inflation rate of 0.2, compared to 0.7 last quarter
dovish
forward looking
uncertain
2,019
653
therefore, even though capacity utilisation rates have fallen slightly and staff shortages have become less acute, it is still true to say that capacity utilisation remains at levels above the historical norm
hawkish
not forward looking
certain
2,008
612
equally, it cannot be ruled out that inflation will remain elevated for longer in some countries
hawkish
forward looking
uncertain
2,024
104
in doing so, it is aiming to act decisively to counter an excessive appreciation of the swiss franc against the euro, since an appreciation of this kind would result in an undesired tightening of monetary conditions
hawkish
forward looking
certain
2,010
21
growth was curbed in part by temporary factors
dovish
not forward looking
certain
2,019
517
the lower oil and gas prices and the stronger swiss franc are having a dampening effect over the short term
dovish
not forward looking
certain
2,023
514
in the final months of 2009, short-time work declined slightly, and unemployment did not rise any further
neutral
not forward looking
certain
2,010
69
the labour market continues to be a mainstay of the economy
neutral
forward looking
certain
2,019
165
the positive development of the economy should thus continue overall
hawkish
forward looking
certain
2,022
301
switzerlands economy has continued to recover
hawkish
not forward looking
certain
2,018
648
nevertheless, there are significant risks to this positive baseline scenario, primarily in connection with political uncertainties and protectionist tendencies
dovish
forward looking
certain
2,018
66
for 2020, the snb anticipates an inflation rate of 0.7, compared to 0.6 last quarter
neutral
forward looking
uncertain
2,019
680
imbalances persist on the mortgage and real estate markets
neutral
not forward looking
certain
2,019
900
at 0.25, for the time being
irrelevant
not forward looking
certain
2,003
450
it has gained further momentum and is becoming increasingly broadbased
neutral
forward looking
certain
2,006
68
for all other sight deposit account holders not mentioned under method 1, the snb sets a_ fixed threshold
irrelevant
not forward looking
certain
2,019
700
the new conditional inflation forecast is significantly lower than that of december
dovish
forward looking
certain
2,024
483
assuming that the three-month libor rate will remain stable at 0.25, average annual inflation is expected to amount to 0.6 this year, 0.4 next year, and 1.2 in 2005
neutral
forward looking
uncertain
2,003
729
there is still considerable uncertainty over how the situation will develop
neutral
forward looking
uncertain
2,009
734
overall, the new conditional inflation forecast differs little from that of september
neutral
forward looking
certain
2,015
58