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Economic recovery slowing down

The economic recovery that got underway last autumn is losing momentum, according to the Swiss Economic Institute (KOF) in its latest monthly report issued on Friday.

Growth in January was only 0.04 points up on December, the report said. Between September and October it had risen by 0.7 points but since then had become less pronounced.

“The recovery of the Swiss economy is likely to slow down,” KOF warns.

KOF, which is part of the Federal Institute of Technology in Zurich (ETHZ), issues its so-called economic barometer each month. It is based on three modules: core GDP (which accounts for more than 90 per cent of Swiss GDP), banking and construction.

Only core GDP is currently showing positive movement.

In its December report KOF had predicted modest growth in 2010, reinforced by an increase in the export of goods (2.2 per cent) and stable private consumption growth (1.0 per cent).

While Swiss industry and exports to the EU are indeed still showing upward trends in January’s report, domestic consumption is reflecting a downswing. and agencies

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