The KOF-Konjunkturbarometer showed little movement in October.
Published: Monday, Oct 30th 2023, 09:30
Updated At: Tuesday, Oct 31st 2023, 00:53
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The outlook for the Swiss economy remains gloomy. The economic sentiment indicator has hardly moved in October and remains below its long-term average.
The Swiss economy is expected to remain weak but stable until the end of the year, according to the ETH-Konjunkturforschungsinstitut KOF, which reported that the barometer has only moved slightly since the summer.
The Swiss Economic Sentiment Indicator for October came in at 95.8 points - a decrease of 0.1 points from September. Experts surveyed by the news agency AWP had predicted values between 95.0 and 96.5 points for October.
Processing industry is declining again.
The slight decrease in the barometer can be attributed mainly to the bundle of indicators of the manufacturing industry and foreign demand, according to the economists at ETH. Within the manufacturing industry, the negative development is mainly due to indicators from the food and beverage industry, the textile industry and the metal industry. On the other hand, slightly positive signals were sent by the indicators of the paper and printing industry as well as the wood, glass, stones and earth sector.
The indicators for order situation in the manufacturing sector have developed particularly negatively, followed by the assessment of the production situation and the situation with the raw materials. Positive signals came from indicator bundles that capture the business situation and production capacities.
The KOF Economic Barometer is an early indicator of the development of the Swiss economy, composed of a variety of individual indicators. Since the latest revision, there are 608 of them. These are combined into an overall indicator using statistically determined weights.
On Wednesday, November 1st, another important leading economic indicator will be released: the Purchasing Managers' Index (PMI).
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