Industrial sector boosts economy
The leading indicator of the Zurich-based Institute for Business Cycle Research rose to 1.24 in November from a revised 1.12 in October, thanks primarily to a robust industrial sector.
The leading indicator of the Zurich-based Institute for Business Cycle Research rose to 1.24 in November from a revised 1.12 in October, thanks primarily to a robust industrial sector.
The indicator, which signals economic trends six to nine months ahead, had originally been reported at 0.97 in October. The institute said the result showed the Swiss economy was still accelerating.
Gross Domestic Product rose at a seasonally adjusted, annualised rate of 2.4 per cent in the third quarter of 1999 compared with the second quarter, and was up 1.6 per cent year-on-year.
An institute survey said that industrial companies reported a slight increase in new order inflow orders on hand and purchases of raw materials and semi-finished goods. The construction sector did not keep up, reporting stagnant orders.
Sentiment improved as well in the consumer sector. Households said they were optimistic about their financial situation over the next 12 months.
From staff and wire reports
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