Switzerland's KOF Leading Indicator showed a record fall in April

KOF Economic Research Agency said that the KOF Economic Barometer declines in April more than ever before in its history. Within a very short period of time, it thus drops to a level (63.5 points) comparable to the 2009 financial crisis. Only in the first three months of 2009 the barometer values were still slightly lower than at present.

In April, the KOF Economic Barometer declines by 28.2 points. This monthly decline is more than twice as large as previous very strong declines. In comparison: in February 2015, after the minimum franc exchange rate was lifted, the barometer fell by 10.0 points. In November 2008, after the collapse of Lehman Brothers, it was 7.1.

After the Economic Barometer already dropped by 10.1 points in March, it declined to the 63.5 mark in April. Only during the financial crisis was the barometer slightly lower in the first three months of 2009. Currently, nearly all indicator groups are pushing the barometer sharply downward. The decline is led by the indicators for the manufacturing industry and other services. However, the indicators for the accommodation and food service activities, foreign demand, construction, consumption and for financial and insurance service providers are also heavily in the red.