A composite indicator providing a reading on the direction of GDP growth for the Swiss economy compared with the year-earlier quarter declined for the third successive month in December as a sign of bleak prospects of the economy, recording a 0.22 point fall to 1.28.
"Construction" modules fell slightly, while the "Banking" module stayed in positive territory. "In comparison to previous months the cooling trend gathered some momentum in December. The prospects for the Swiss economy are noticeably bleaker in the new year," the KOF said in a statement.