An indicator of future turning points in the Swiss economy improved in December, but continued to signal subdued activity into next year in the backdrop of the coronavirus pandemic, survey data from the KOF Swiss Economic Institute showed on Wednesday.
The KOF Economic Barometer rose to 104.3 from 103.7 in November. Economists had forecast a score of 100.5.
“The sharp declines that the barometer underwent in early 2020 have been offset by a rapid recovery during the summer,” the KOF said.
“However, the prospects for the Swiss economy remain subdued at the beginning of 2021 due to the ongoing pandemic,” the think tank added.
In December, the modest improvement was led by several indicators from the manufacturing sector and private consumption. Indicators for the financial and insurance service sector also contributed.
Negative impulses came from indicators for foreign demand.