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Switzerland's economic outlook is set to remain gloomy for the rest of this year, the KOF Swiss Economic Institute said on Monday, as it leading indicator dropped for a second straight month to reach its lowest level since 2015.
The KOF Economic Barometer, a leading indicator for the trends in the alpine economy, dropped to 93.2 from 95.5, which was revised from 97.
Economists had forecast a score of 96.2.
The latest decline in the indicator was primarily due to declining developments in the manufacturing industry that was slightly reinforced by the trends in the service industry and the accommodation and food service industry, the think tank said.
In contrast, indicators for private consumption, foreign demand and the construction industry remained stable relative to the previous month, the KOF added.
