Switzerland Economic Sentiment March 2018


Switzerland: Economic sentiment dips in March on growing pessimism among manufacturers

March 29, 2018

In March, the KOF economic barometer—a leading composite indicator for the Swiss economy forecasting a six-month period—fell 2.4 points to 106.0, down from a revised 108.4 in February (previously reported: 108.0). The decline in the indicator was sharper than anticipated by analysts, who had expected a drop to 107.2 points. Nevertheless, March’s reading remained above the 100-point threshold, signaling continued economic expansion above the series’ long-run average.

March’s weaker performance was due largely to a negative contribution by the manufacturing sector—notably the metal, wood, textile and food processing industries—as sentiment regarding both the overall business situation and output within the sector grew more pessimistic. Exporting industries also fared worse in March. More optimistically, the financial and hospitality sectors were broadly stable in the month, as were private consumption metrics.

The State Secretariat for Economic Affairs (SECO) expects GDP growth to reach 2.3% in 2018 before easing to 1.9% in 2019. FocusEconomics Consensus Forecast panelists expect GDP growth to clock in at 2.1% in 2018, which is up 0.2 percentage points from last month’s forecast. For 2019, the panel expects GDP growth to moderate to 1.8%.

Author:, Economist

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Switzerland Economic Sentiment Chart

Switzerland Economic Sentiment March 2018

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

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