The Swiss Economic Institute KOF released its leading indicator for Switzerland on Monday. The KOF leading indicator rose to 102.9 in May from 102.6 in April. April's figure was revised down from 102.7.

Analysts had expected the index to increase to 102.8.

The rise was driven by positive signals from the manufacturing sector, the financial sector and the export sector.

"Since February, the Barometer has been solidly standing above its long-term average. This indicates an on-going positive development of the Swiss economy in the coming months," the KOF said.