KOF Economic Barometer fell significantly in July
Published: Tuesday, Jul 30th 2024, 09:30
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The economic outlook for Switzerland has dampened somewhat in the past month. The prospects for the local economy are still slightly above average. However, the pace of economic development is expected to moderate somewhat.
The KOF Barometer deteriorated by 1.7 points to 101.0 points in July, as reported by the KOF Swiss Economic Institute at ETH Zurich on Tuesday. The previous month's value for June was left at 102.7.
The barometer thus remains slightly above average. However, after remaining significantly above this value throughout the spring quarter, it is now approaching its medium-term average value of 100 points again. Although this decline is not visible for all indicators, it is nevertheless widespread, writes the KOF.
"Above all, the outlook for both foreign demand and consumer demand is deteriorating," the press release explains. However, developments in the hospitality and construction industries, in other services and in manufacturing are also viewed more negatively. The indicators for the financial and insurance services sector bucked the widespread downward trend.
In the manufacturing sector, which includes manufacturing and construction, the sub-indicators for the order situation, capacity utilization and production activity in particular weighed on the development, according to the report. However, the sub-indicators for inventories and orders for primary products as well as the competitive situation cushioned the decline somewhat.
Within the manufacturing industry, the outlook has become bleaker, particularly for the electrical, wood, glass, stone and earth industries as well as for mechanical engineering. By contrast, the outlook for the metal sector, the textile and clothing industry and the paper and printing products sector is better than before.
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