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Financial News: Swiss KOF Leading Indicator Declines Unexpectedly In April

Swiss KOF Leading Indicator Declines Unexpectedly In April

04/28/2017 - 03:33:00 (RTTNews)

(RTTNews) - A measure signaling future turning points in the Swiss economy declined unexpectedly in April to a three-month low, yet the reading remained above average, suggesting sustained momentum in the economy, survey results from the KOF Swiss Economic Institute showed Friday.

The KOF leading indicator dropped to 106 from 107.2 in March, which was revised from 107.6. Economists had forecast a score of 107.5.

The index reading still indicates a more dynamic economic development than at the beginning of 2017, the think tank said. The recovery of the Swiss economy is likely to continue, albeit with a little less momentum than indicated in the past two months, the KOF added.

The latest decline in the index was mainly due to weaker performance in the hotel and restaurant industry, the manufacturing and construction sectors.

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