Switzerland: KOF economic barometer hits historic low in May
May 29, 2020
OF economic barometer—a leading composite indicator for the Swiss economy— fell to 53.2 points in May from a revised 59.7 in April (previously reported: 63.5 points). As such, the indicator fell to a fresh record low in May, slipping below the level hit during the Great Financial Crisis and suggesting the economy is in an unprecedented recession.
The continued deterioration was led by declines in the indicators for the manufacturing sector and foreign demand. However, indicators for private consumption and construction improved slightly this month, thus softening the overall rate of decline in May.
Author: Stephen Vogado, Economist