FXstreet.com (Barcelona) - Swiss Purchasing Managers Index has recorded a sharp decline in March, reaching its lowest level since August 2005, although still above its long term average, according to figures from SVME and Credit Suisse.

In March, the SVME PMI has declined to 55.3 points from the level of 60.5 points posted in February, the decline puts the PMI slightly above its long-term average of 54.5 points, and above the critical threshold of 50 points, the boundary between expansion and contraction of industrial activity.

The average PMI for the first quarter of 2008 has been 4.4% below the average level in the same period last year, and 3.3% below the average level of the previous quarter, which, according SVME and Credit Suisse, points out to a slight slowdowns of the Swiss industrial activity growth.