Swiss government sees no need for energy price relief steps

The Swiss government stuck to its hard line on Wednesday and said it would not provide financial aid this winter to companies and households hit hard by surging energy prices. A panel of government experts has lowered its forecast for GDP growth in 2023 to 1.1%, but does not forecast a recession barring a severe energy shortage, it added.

The Swiss government stuck to its hard line on Wednesday and said it would not provide financial aid this winter to companies and households hit hard by surging energy prices. Neither the economic situation nor inflation justify extraordinary relief measures, the cabinet said in a statement.

Energy prices have fallen well below their highs at the end of August, and while inflation remained elevated at 3.3% in September this was still only around a third as high as in the euro zone, it said. A panel of government experts has lowered its forecast for GDP growth in 2023 to 1.1%, but does not forecast a recession barring a severe energy shortage, it added. It said it would continue to monitor the situation.

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