Swiss KOF Leading Indicator Weakens Sharply In April

(RTTNews) - A measure signaling future turning points in the Swiss economy worsened in April, indicating that the outlook for the economy is considerably subdued, the results of a survey by the KOF Swiss Economic Institute showed Wednesday.

The economic barometer dropped to 97.1 in April from a downwardly revised 103.2 in March.

"After an increase in the previous month, it now drops below its medium-term average for the first time this year," the KOF said.

Among components, the indicator bundle for manufacturing experienced a strong setback, and those for services and hospitality were under downward pressure.

Within the producing industry, the sub-indicators for different aspects of business activity all show negative developments, including exports, production activity, and the competitive situation.

Considering the manufacturing side alone, the indicators for vehicle and also machinery and equipment manufacturers, for paper and printing producers, as well as for the electrical industry, are slowing down, most noticeably in April.