28 December 2011 16:25 [Source: ICIS news]
“This suggests that Swiss economic growth on a year-on-year perspective is going to stagnate over the first months of 2012,” the institute said.
The KOF indicator has been falling since May 2011.
The technical indicator aims to estimate how the Swiss economy will perform in the next three to six months. It is comprised of 25 “multi-sectoral bundled individual indicators.” The indicator’s key measurements include Swiss industry performance, Swiss consumption rates, and Swiss exports to the EU.
Earlier this month, KOF said the Swiss economy would develop “at a snail's pace” in 2012, with year-on-year GDP growth of only 0.2%, as the eurozone debt crisis and its consequences stifled demand worldwide.
During the winter quarters – the 2011 fourth and 2012 first quarter -
The institute predicted 13,000 jobs losses by the end of the second quarter of 2012.
It also warned of continuing effects from the strong Swiss franc on
In a related development, Switzerland-based independent refiner Petroplus said this week its lenders froze about $1bn (€770m) in uncommitted credit lines that are “critical” to the firms’ continued operations.
($1 = €0.77)
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog
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