Prospects gloomy for companies

The outlook for firms in Switzerland over the next three to six months has worsened across all sectors according the latest company survey published by the Swiss Economic Institute (KOF).

This content was published on November 4, 2011 - 14:07 and agencies

The companies polled by the institute expect the winter period to be difficult as economic growth continues to slow down.

KOF researchers said that the global economic downturn and the strong franc have contributed to the situation, with only a slightly better outlook for the construction sector and some service industries.

At the beginning of the year, companies had reported plenty of demand, but this has since fallen substantially. Swiss firms and the tourism industry have also become less competitive  since the franc has gone from strength to strength against most major currencies.

With the downturn expected to continue, few firms expect to hire staff and the general trend according to KOF is towards reductions in staffing levels.

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