KOF Barometer falls slightly in February
Published: Thursday, Feb 29th 2024, 09:30
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The environment for the Swiss economy remains positive. Although the KOF economic barometer fell in February after three months of growth, the indicator is still at an above-average level.
The barometer of the ETH economic research institute KOF fell by 0.9 points to 101.6 points in the month under review compared to the upwardly revised value from January. However, thanks to the increase in recent months, it has remained above average, the KOF reported on Thursday.
At 101.6 points, the barometer developed roughly in line with economists' expectations. Experts surveyed by the news agency AWP had forecast values between 100.5 and 102.0 points for February.
Brightening in industry and construction
Even though the headwinds for the Swiss economy have increased slightly, the overall positive economic signals remain intact, the KOF continued. For example, the outlook for the manufacturing and construction industries brightened in February.
On the other hand, according to KOF, the outlook for financial and insurance service providers, the hospitality industry, the other services sector and foreign business in general has deteriorated. The outlook for private consumption in Switzerland remains stable, according to the press release.
In the manufacturing industry (manufacturing and construction), the KOF Barometer indicators for finished goods inventories, the order situation and the number of employees developed positively. Meanwhile, only the indicators for the intermediate goods situation and, very slightly, those for earnings development had a dampening effect.
According to the February barometer, the wood, glass, stone and earth sector, the metal industry and, to a lesser extent, mechanical engineering stood out positively in the manufacturing industry. In contrast, paper and printing product manufacturers, food and beverage producers and the electrical sector will probably have to take a back seat in the near future, according to the report.
Important leading indicator
The KOF Economic Barometer is a leading indicator for the development of the Swiss economy, which is made up of a large number of individual indicators. These are combined into an overall indicator using statistically determined weightings.
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