A leading indicator signaling upcoming turnarounds in Switzerland’s economy rose for the first time in four months in July, yet signaled below-average development, survey results from the KOF Swiss Economic Institute showed Friday. The KOF Economic Barometer rose to 92.2 from 90.7 in June, which was revised from 90.8. Economists had forecast a weaker score of 90.5. All indicator bundles except those for consumption continue to point to a rather below-average development, but they moved in different directions in July, the think tank said.
The survey showed brighter outlook for services, financial and insurance services as well as for foreign demand and domestic consumption, while the prospects for construction activity and for manufacturing deteriorated.
“The economic environment remains difficult for the Swiss economy,” KOF said.
Elsewhere, official data showed that retail sales bounced back in June from a slump in May. Retail sales grew a real 1.8 percent year-on-year after a 0.9 percent slump in May.