The Swiss Economic Institute KOF released its leading indicator for Switzerland on Friday. The KOF leading indicator climbed to 93.1 in May from 89.8 in April, exceeding expectations for a rise to 90.0. It was the highest level since January 2015.

April's figure was revised up from 89.5.

The rise was driven by a recovery of the indicators on Swiss manufacturing activity.

"Within the manufacturing sector, the outlook particularly improved in the metal and the machine building industry, followed by the electrical and the chemical industry," the KOF said.

The KOF added that "a swift recovery of the Swiss economy is thus not to be expected soon, but the likelihood of an upward trend reversal should have increased".