RTTNews - Friday, Switzerland's KOF think tank said its economic barometer rose strongly in August, suggesting that the economic contraction is coming to an end.
The economic barometer rose to minus 0.04 in August from minus 0.85 in July, which was revised from minus 0.99 reported previously. This is the best performance recorded since November 2008, the KOF said. Economists had forecast a reading of minus 0.60.
Swiss gross domestic product contraction is likely to draw to a close at the beginning of 2010, KOF said. As a consequence, the economic recovery could prove to be slightly faster and stronger than had originally been assumed, the think tank added.
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