Swiss factory output in the fourth quarter fell the most in nearly seven years as industrial production declined 5.9% from a year earlier, which was much greater than the 4.5% drop projected by the economists. The breakdown of the report showed that the new orders plunged 8.8% from last year while orders on hand dropped 3.4% during the period. Meanwhile, a separate report from State Secretariat for Economic Affairs showed that the government lowered their growth forecasts as they expect the annual rate of growth to contract 2.2% this year, which has fallen considerably from the initial estimate for a 0.8% drop in GDP.