Switzerland's economic expectations weakened significantly in May, a monthly survey by the Centre for European Economic Research in cooperation with Credit Suisse showed Wednesday.
The ZEW-CS Indicator of economic expectations decreased by 17.8 points to 2.2 points in May, reversing the equally strong growth recording in the previous month. The indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon.
The measure of respondents' expectations of exports declined to -2.5 points in May from 21 points in April. Expectations for unemployment also turned more pessimistic during the month, with most of the respondents forecasting that Switzerland's unemployment rate will increase.
Meanwhile, the indicator of experts' views of the current economic situation improved modestly during the month, by 5 points from the previous month to 20 points, data showed.
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