Survey of KOF: Business Situation at Two-Year Low for Companies
Published: Monday, Aug 7th 2023, 08:40
Mise à jour le : Vendredi, 13 octobre 2023, 14:12
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The business situation in Switzerland has deteriorated significantly, particularly for export-oriented industries. The KOF Business Situation Indicator for the Swiss economy, calculated from surveys of around 4500 companies, has clearly dropped in July, according to the KOF. The business situation is now as unfavourable as it has been for two years. The processing industry has seen the sixth consecutive decline, with export-oriented companies particularly affected. The service sector has seen a slight decrease, while the decline in the financial and insurance services, construction and engineering sectors has been relatively moderate. On the other hand, the retail and hospitality sectors have seen positive development in July. In addition, inflation has decreased in all sectors and the shortage of skilled labour is no longer as acute as before. Price increases are planned relatively frequently in the hospitality and economic services sectors, while the other sectors are expected to have a low price dynamic. Construction is even expected to become cheaper. The shortage of skilled labour remains a pressing problem, but companies' hiring plans are no longer as expansive as before.nnnn
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