Swiss KOF Economic Barometer rose to 100.9 in February, up from 100.1, above expectation of 97.0. That’s the third rise in a row and it “lingers just above its long-term average”. KOF said “clearly positive growth rates would be expected for the Swiss economy in the near future”. But it also noted that the result is “based on the sentiment before the outbreak of the coronavirus in northern Italy.”
Also, the development was “primarily driven by an improvement in sentiment in the manufacturing sector”. Only financial sector had a “slightly negative impact. The other indicator groups considered in the Barometer (demand for exports, construction, hospitality, other services and domestic consumer demand) show a practically unchanged picture compared to the previous month.
Also released, retail sales dropped -0.1% yoy in January, below expectation of 0.3% yoy.
