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The Swiss economy has finally “largely overcome” the shock of 2015′s appreciation in the Swiss franc, according to a closely-watched economic barometer, which jumped to its highest level in more than three years in February.
The Swiss Economic Institute (KOF)’s economic barometer jumped from an upwardly-revised 102.0 to 107.2 in February, its highest level since the end of 2013. Economists had expected a reading of only 102.1.
“This pronounced upturn to a level clearly above its long-term average indicates that in the near future the Swiss economy should grow at rates above average,” KOF said.
The measure is designed to give an early indication of growth in the Swiss economy, with a number above 100 indicating growth above the long-term average rate.
The country’s manufacturing industry drove the rise, but there was also a boost from the hospitality and financial sectors.
Private consumption, however, remained “practically unchanged”.