RTTNews - Friday, Switzerland's KOF economic think said its economic barometer stood at minus 1.86 in May, the same reading as in April. It was the lowest level recorded since the beginning of the times series in 1991. Economists had forecast a reading of minus 1.78 for May.
During the next few months, the year-on-year growth rate of Swiss GDP will remain negative, the KOF said. The stabilization of the barometer on a low level indicates that the decline will continue to be pronounced, but without further acceleration.
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