30.10.201909:11:00UTC+00Swiss Economic Growth Set To Stabilize At Lower Level: KOF

Switzerland's economy is set to growth at below-average rates in the coming months, the KOF Swiss Economic Institute said, as the leading indicator halted its downward movement in October.

The KOF Economic Barometer climbed to 94.7 from 93.1 in September, which was revised from 93.2, survey data from the think tank showed on Wednesday. Economists had expected a score of 93.5.

The KOF attributed the latest increase in particular to bundles of indicators from the banking and insurance sector as well as from accommodation and food service activities.

Further, the indexes related to foreign demand and other services are pointing in a slightly less negative direction than in the previous month, the KOF said. Meanwhile, indicators from the manufacturing sector recorded a slight decline.

Early this month, the KOF slashed the Swiss economic growth forecasts for this year and next, citing the adverse impact from the global downturn.

The growth forecast for this year was cut to 0.9 percent from 1.6 percent. Excluding sporting events, growth is seen at 1.4 percent.

The economic growth outlook for next year was slashed to 1.9 percent from 2.3 percent. Excluding sporting events, growth is forecast at 1.5 percent.

For 2021, KOF sees growth of 1.5 percent and 1.8 percent excluding sporting events.