* KOF economic barometer unchanged at 2.30 in May
* Swiss economy still robust despite strong franc
* Franc surges to new high against euro
ZURICH, May 27 (Reuters) - The Swiss economy showed no sign of cooling in May despite a record high Swiss franc, which failed to take the edge off export activity, a leading growth indicator showed on Friday.
The KOF economic barometer was unchanged at 2.30 in May, the KOF Swiss Economic Institute said in a statement. Economists had expected it to fall to 2.20. ECONCH
All sub-components of the indicator were in positive territory, pointing towards strong gross domestic product growth over the next few months, the KOF said. Swiss GDP data is due next Tuesday.
April's KOF reading was revised up from an initially reported 2.29.
"A KOF above 2.0 still indicates that the stronger Swiss franc has been perceived in the surveys as a counterweight to higher energy prices and not only as a damper on exporting power," ING's Julien Manceaux said.
"We expect the Swiss National Bank (SNB) to keep an eye on the ...franc, which has been tightening monetary conditions better than an interest rate hike would have done and has been limiting imported inflation."
The SNB faces a dilemma as solid Swiss fundamentals plead in favour of a rate hike, but the strong franc is keeping a lid on inflation and weighing on the margins of Switzerland's export industry.
Exports rose 11.6 percent in April from a year earlier, data showed on Thursday, but the price of goods fell, indicating that exporters were seeing their margins squeezed.
"We do not expect any new exchange rate interventions but a persistently strong Swiss franc may well delay the first interest rate hike towards the end of the year rather than in September," Manceaux said.
Concerns about euro zone debt and robust Swiss fundamentals have underpinned the safe-haven franc, which rose to a fresh record against the euro of 1.2167 francs after the KOF data EURCHF=. Earlier in the session, the franc also hit a record high against the dollar.
The Swiss National Bank expects growth to slow to around 2.0 percent this year after 2.6 percent in 2010.
For a story on Swiss economy click on [LEN-RTRS-MCE-CH]
For recent Swiss National Bank comments [ID:nSNBQUOTES]
(Reporting by Caroline Copley and Silke Koltrowitz; Editing by John Stonestreet)