FXstreet.com (Barcelona) - The forward-looking Swiss KOF Leading Indicator has declined further in January, to its lowest level in history, which confirms fears of a steep decline in GDP for the next two quarters, according to the latest economic survey by the KOF Economic Research Agency.

The KOF economic barometer has dropped to -0.87 in January from -0.42 in December, revised down from the -0.39 reading previously estimated.

The core GDP sub-module, which examines activity from all economic sectors except construction and banking, has accelerated its decline in January, the construction sector experiences a similar decline, while the contribution of the banking sector remains steady at low levels.