Economic growth slow until mid 2002
A leading Swiss economy indicator has signalled that growth will continue to be slow until the middle of next year.
The Business Cycle Research Institute of the Zurich Federal Institute of Technology said that its indicator for November fell to -1.28 points, from a downwardly revised -1.12 points in October. The November indicator is the lowest in Switzerland for five years.
According to the Institute, whereas the United States and Germany have already begun to show signs of growth, the economic slowdown that has been affecting Switzerland since spring 2000 looks set to continue.
It added that in industry, new orders were down compared to last year and that the Swiss economy grew by only 0.8 per cent in the third quarter of 2001, compared to the preceding year.
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