Economic outlook for early 2024 remains subdued according to KOF
Published: Friday, Dec 29th 2023, 09:40
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The environment for the Swiss economy is somewhat friendlier. The KOF Economic Barometer also improved slightly in December following the small increase in the previous month. Overall, however, the outlook for the Swiss economy for the beginning of 2024 remains subdued, according to the KOF.
The barometer of the ETH economic research institute KOF rose by 0.6 points to 97.8 points compared to the revised November value. Experts surveyed by the news agency AWP had forecast values between 95.0 and 98.0 points for December.
The barometer is thus once again moving one step closer to its long-term average, writes the KOF in a statement on Friday. Overall, the movements at a below-average level that have been observed since the beginning of 2023 are continuing.
Positive indicators for production
According to the KOF, the small increase in the current month was primarily due to predominantly positive indicators in the manufacturing industry and private consumption indicators. In contrast, the indicators in the other sectors remained almost constant compared to the previous month.
In the manufacturing and construction industries, the indicators for the production situation in particular developed positively. By contrast, indicators on the business situation and the inventory situation showed a negative trend, while indicators on the order situation and employment remained at an almost constant level.
Within the manufacturing sector, the indicators for the textile industry, mechanical engineering and the electrical industry were primarily responsible for the persistently negative assessment. The indicators for the paper and printing industry and the metal industry showed a positive trend.
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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