Switzerland Economic Sentiment


Economic barometer increases somewhat in August

The KOF economic barometer—a leading indicator for future GDP growth—inched up from a revised 97.9 points in July (previously reported: 98.1 points) to 99.5 points in August. The reading overshot the 97.8 points the markets had expected. As a result of the increase, the economic barometer nearly touched the long-term average of 100 points. In its accompanying statement, the KOF Institute noted that the Swiss economy, “is expected to stabilize around its long-term average.”

The positive impulse came from more optimism in the manufacturing and consumption sectors. KOF added that indicators for the international environment, “positively contributed to the increase of the barometer, albeit to a lesser extent.” Conversely, the sub-indicator for the construction sector deteriorated over the previous month, which signaled a loss in momentum in the sector.

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 2.0% in 2014. For 2015, SECO expects the economy to grow 2.6%. Meanwhile, the Swiss National Bank expects economic growth of around 2.0% in 2014. FocusEconomics Consensus Forecast panelists expect GDP to expand 2.0% in 2014, which is unchanged from last month’s projection. For 2015, the panel expects economic growth to accelerate slightly to 2.1%.

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Switzerland Economic Sentiment Chart

Switzerland Economic Sentiment August 2014

Note: KOF Economic Barometer Indicator.
Source: KOF Swiss Economic Institute.

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