Switzerland’s economic sentiment weakened for a third month in a row and at a sharp rate in August, suggesting that the recovery from the pandemic is set to continued albeit at a slower pace, results of a survey showed Monday.
The Economic Barometer fell to 113.5 from 130.9 in July, revised from 129.8, the monthly survey by the KOF economic institute showed. Economists had forecast a score of 125.0.
The reading remained significantly above its long-term average.
“Accordingly, in the coming months the economic recovery from the consequences of the pandemic is expected to continue,” KOF said.
All indicator groups except those from the construction industry contributed to this decline, the institute added.
“The fourth wave of the pandemic, which is now becoming increasingly clear, is apparently fueling doubts about largely unhindered economic activity in the near future,” KOF said.