Investing.com – Switzerland’s leading economic barometer fell significantly more-than-expected in December, falling to a new low for the second consecutive month, industry data showed on Wednesday.
In a report, the KOF Economic Research Agency said its index of 12 leading indicators declined by 0.33 points to 0.01 in December, down from November’s reading of 0.34, which was revised down from a previously reported 0.35.
Analysts had expected the index to fall by 0.11 points to 0.23 in December.
Since May 2011 the KOF Economic Barometer has seen only one direction: downwards. The data suggests Swiss economic growth on a year-on-year perspective is going to stagnate over the first months of 2012.
The index is derived via a combined reading of 12 economic indicators related to banking confidence, production, new orders, consumer confidence and housing.
Following the release of the data, the Swiss franc remained modestly higher against the U.S. dollar, with USD/CHF easing down 0.07% to trade at 0.9334.
In a report, the KOF Economic Research Agency said its index of 12 leading indicators declined by 0.33 points to 0.01 in December, down from November’s reading of 0.34, which was revised down from a previously reported 0.35.
Analysts had expected the index to fall by 0.11 points to 0.23 in December.
Since May 2011 the KOF Economic Barometer has seen only one direction: downwards. The data suggests Swiss economic growth on a year-on-year perspective is going to stagnate over the first months of 2012.
The index is derived via a combined reading of 12 economic indicators related to banking confidence, production, new orders, consumer confidence and housing.
Following the release of the data, the Swiss franc remained modestly higher against the U.S. dollar, with USD/CHF easing down 0.07% to trade at 0.9334.