KOF Economic Barometer rises slightly again in November
Published: Friday, Nov 29th 2024, 10:10
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The economic recovery in Switzerland continues to be rather sluggish. Although the economic barometer compiled by the KOF Swiss Economic Institute at ETH Zurich rose again in November, at 101.8 points it was only slightly above the 100-point mark.
The Swiss economy thus appears to be quite stable, but without strong momentum, as the KOF reported on Wednesday. In the previous month, the index had fallen below the 100-point mark for the first time since January.
The barometer is thus in line with analysts' expectations, who had forecast a value between 99 and 102 points. The previous month's value for October was revised slightly upwards by 0.2 points.
Many of the individual indicator bundles for the economic sectors developed positively in the month under review, the report continued. This applies to the manufacturing industry, financial and insurance service providers, other services as well as the hospitality and construction industries.
However, the demand-side indicators for consumer demand have hardly changed, which continues to point to a more favorable development, according to the KOF. Meanwhile, the outlook for foreign demand has deteriorated somewhat.
The majority of indicators in the manufacturing sector have developed positively. This applies in particular to production activity, the order situation and the general business situation. However, the outlook for employment is less favorable than before.
Within the manufacturing sector, the outlook improved for chemical and pharmaceutical companies, paper and printing products and mechanical engineering in particular, according to the KOF. However, the indicators for the electrical industry, the textile and clothing industry and the wood, glass, stone and earth sector had to fall back.
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