Positive economic outlook.

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A UBS survey carried out among 4,500 companies in 27 main sectors and 95 sub-sectors reveals that 2004 was a far better year than expected for most sectors of the Swiss economy, with a noticeable increase in sales and earnings and that optimism expressed a year ago for 2004 was "more than just wishful thinking".

The pharmaceuticals industry was the clear sector leader in 2004 and is set to remain so this year. Other top performers were the watch making, metals, building materials and chemicals industries. Less successful were the logistics, retail and parts of the...

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