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Financial News: Switzerland Economic Growth Sluggish

Switzerland Economic Growth Sluggish

05/29/2019 - 07:24:00 (RTTNews)

(RTTNews) - Switzerland's economic expansion remains sluggish, a key indicator suggested Friday as it fell to its lowest level in three months.

The KOF Economic Barometer fell to 94.4 in May from 96.2 in April, the Zurich-based KOF Swiss Economic Institute said Wednesday. Economists had expected a modest improvement to 96.5. The latest reading was the lowest since February's 93.1.

"The Swiss economy is developing rather sluggishly," the think tank said.

Most of the indicators such as those for banking and insurance, consumption and foreign demand, declined in May. The outlook for accommodation and food service activities and that for the other service providers turned gloomier. While the outlook was largely unchanged in manufacturing, morale strengthened in the construction sector.

Elsewhere on Wednesday, reports said that the Credit Suisse investor confidence indicator worsened to -14.3 in May from -7.7 in April.

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