Swiss KOF Economic Barometer dropped to 63.5 in April, down from 91.7, above expectation of 58.0. Nevertheless, that’s still a historical decline, sharper than that in 2009 financial crisis.
KOF said: “Currently, nearly all indicator groups are pushing the barometer sharply downward. The decline is led by the indicators for the manufacturing industry and other services. However, the indicators for the accommodation and food service activities, foreign demand, construction, consumption and for financial and insurance service providers are also heavily in the red.
Also released, real retail sales dropped -5.6% yoy in March, below expectation of -3.6% yoy.
