KOF Economic Barometer recovers slightly in August
Published: Friday, Aug 30th 2024, 09:20
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The economic outlook for Switzerland recovered somewhat last month following the more pronounced decline in July. The KOF Barometer improved by 1.0 point to 101.6 points in July, as reported by the KOF Swiss Economic Institute at ETH Zurich on Friday.
This puts the barometer within the range of analysts' expectations, who had forecast a value between 99.5 and 102.0 points. The previous month's value for July was revised slightly downwards to 100.6.
The barometer thus remains slightly above average. The Swiss economy is on a "hesitant" recovery course, writes the KOF. The majority of indicators have contributed to the upward trend.
"In particular, the bundles for other services, consumer demand and the construction industry" made a positive contribution, the press release explains. However, the indicators for the manufacturing and hospitality industries also showed a small increase.
Foreign demand, on the other hand, was almost stable. Meanwhile, the financial and insurance services sector suffered a setback.
In the manufacturing sector, which includes the processing and construction industries, developments were mixed. Production and employment plans showed a particularly positive development, while the indicators for the competitive situation and the stockpiling of primary products slowed down.
Within the manufacturing sector, the picture is not homogeneous either. The outlook for the electrical, wood, glass, stone and earth industries is brightening. In contrast, the outlook for the metal, paper and print products sectors is gloomier.
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