A measure signaling future turning points in the Swiss economy climbed to its highest in over a decade in March, suggest a faster pace of economic recovery in the coming months.
The economic barometer rose to 117.8 from a revised 102.6 in February, the KOF Economic Institute said Tuesday. Economists had expected the index to climb to 104.6.
The latest score was markedly above its long-term average of 100.
The reading is now as high as it was last in summer 2010 and thus signals a rapid economic recovery for the coming months, the KOF said.
The latest improvement in the index was largely due to the indicators from the manufacturing industry. The other groups of indicators, both for domestic and foreign demand, all signal a positive development, albeit significantly weaker, the think tank said.
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