Switzerland Economic Sentiment


Economic barometer rises to highest level in almost a year

In July, the KOF economic barometer, which is a leading indicator for future GDP growth, jumped to 1.43 points from the revised 1.15 points recorded in June (previously reported: 1.16 points). As a result, the index climbed to its highest level since August 2011. The monthly jump overshot market expectations, which had seen index rising to 1.24 points. According to the KOF Institute, the positive reading reinforces the notion that GDP growth is likely to gain momentum in annual terms over the next six months. The monthly improvement continues to reflect an increase in the core GDP sub-indicator (which excludes the construction and banking sectors) and in the construction sub-index, albeit at a slower pace. Meanwhile the banking sub-sector reported a sideways movement, according to KOF. According to the June economic outlook, the State Secretariat for Economic Affairs (SECO) expects the economy to expand 1.4%. For 2013, SECO sees economic growth at 1.5%. The Swiss National Bank expects the economy to expand 1.5% in 2012


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