A leading indicator of key turning points in Switzerland’s economy dropped sharply in March on concerns over the impact of the war in Ukraine, survey data from the KOF economic institute showed Wednesday.
The KOF Economic Barometer dropped to 99.7 from 105.3 in February, which was revised from 105.0. Economists had forecast a score of 100.8. The reading fell below it long-term average.
“The recovery from the economic consequences of the pandemic is now overshadowed by the war in Ukraine,” the Z?rich-based think tank said.
“Overall, a moderate development of the Swiss economy can be expected for the near future.”
The latest decline was mainly due to indicators from the manufacturing sector, followed by those for private consumption, KOF said.