Switzerland Economic Sentiment July 2016


Leading economic indicator inches up to four-month high in July

Switzerland’s KOF economic barometer—a leading composite indicator for the Swiss economy forecasting a six-month period—inched up from a revised 102.6 points in June (previously reported: 102.4 points) to 102.7 points in July. The indicator has been above its long-term average of 100 points since the beginning of the year.

The KOF Swiss Economic Institute commented that the relatively stable result in the economic barometer in July came despite uncertainties about the international economic consequences of the UK’s vote to leave the European Union. The Institute highlighted that export opportunities improved for Swiss companies in July, despite the increased fear of a slowdown in trade across Europe. While sentiment in the banking sector improved in July after little progress in recent months, the manufacturing sector showed a weaker dynamic due to slower production and low capacity utilization. In particular, MEM (machinery, electric and metal) industry firms reported a deterioration in their production outlook. Overall, the Swiss economy is expected to continue growing at a stable rate.

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 1.4% in 2016 and 1.8% in 2017. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.1% in 2016, which is unchanged from last month’s projection. For 2017, the panel expects economic growth to accelerate to 1.4%.

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Switzerland Economic Sentiment Chart

Switzerland Economic Sentiment July 2016

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

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