(RTTNews) - Indicating weak economic growth in the coming months, the KOF Economic Barometer for Switzerland fell to its lowest level in 5 years.

According to a report from the KOF Economic Institute, the Swiss KOF leading index stood at 0.68 in August, down from July’s revised reading of 0.85. Economists had expected a reading of 0.83. Earlier, the July reading was reported 0.9.

The KOF economic barometer signal’s the economy’s performance in the coming six months. Among the three modules of the KOF indicator, the Core GDP module, continued to decline further. Meanwhile, the construction and banking modules increased currently.

The KOF said in its report that the Core GDP module accounts for more than 90% of Swiss GDP. The downward movement of this dominant barometer module is apparent in all three sub-modules. The Swiss Industry sub-module is stabilizing, while the Export Destination EU and Swiss Consumption sub-modules continued to decline markedly, the think-tank said.

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Posted in Categories: Economy, Releases, Stocks, Switzerland.

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