to antoine martin, who will address the global economic outlook. global economic outlook global economic growth was moderate in the third quarter of 2024. economic activity remained solid in the us, while in the euro area it improved only slightly. growth in the chinese economy was rather modest by longer - term comparison. the services sector continued to contribute positively to economic activity worldwide. by contrast, momentum in large parts of manufacturing remained subdued. recently, inflation in many countries was again close to central banks ’ targets. this was due, among other things, to lower energy prices. however, core inflation remained elevated. in page 2 / 4 anticipation of a continued decline in inflation, various central banks cut their policy rates further this quarter. underlying inflationary pressure abroad is likely to carry on easing gradually over the next quarters. at the same time, the pace of global growth should remain moderate. household purchasing power should continue to recover and, together with the monetary policy easing, support growth. uncertainty about the economic outlook has increased in recent months. in particular, the future course of economic policy in the us is still uncertain, and political uncertainty has also risen in europe. in addition, geopolitical tensions could result in weaker development of global economic activity. equally, it cannot be ruled out that inflation could remain higher than expected in some countries. this brings us to the situation in switzerland, which petra tschudin will present. swiss economic outlook as expected, gdp growth in switzerland was only modest in the third quarter of 2024. growth in the services sector was again somewhat stronger, while value added in manufacturing declined. there was a further slight increase in unemployment, and employment growth was only subdued. the utilisation of overall production capacity was normal. we anticipate gdp growth of around 1 % for the current year. thanks also to the easing of monetary policy in recent quarters, growth should pick up somewhat next year, albeit only slightly due to the moderate global economic activity. we currently expect growth of between 1 % and 1. 5 % for 2025. in this environment, unemployment should continue to rise slightly, while the utilisation of production capacity is likely to decline somewhat. our forecast for switzerland, as for the global economy, is subject to significant uncertainty. developments abroad represent the main risk. i will now hand back to martin schlegel. monetary policy outlook ladies and gentlemen, allow me to return to our monetary policy. at our september assessment, we had already indicated that further monetary policy easing

might become necessary. inflation has since declined further. although inflation is still within the range consistent with price stability, it has recently been lower than we had expected in september. our new conditional inflation forecast is thus markedly lower in the short term than that of september. but in the medium term, too, inflationary pressure has again decreased markedly. with our easing of monetary policy today, we are countering the lower inflationary pressure. page 3 / 4 uncertainty about the future path of inflation is still high. the development of the swiss franc is still an important factor. policy rate cuts continue to be our main instrument should monetary policy have to be eased further. at the same time, we remain willing to intervene in the foreign exchange market as necessary. ladies and gentlemen, thank you for your attention. page 4 / 4