Switzerland: KOF Economic Barometer falls further in November
The KOF Economic Barometer—a leading composite indicator for the Swiss economy—fell from 106.3 in October to 103.5 in November, marking the second consecutive monthly decline and moving closer to the long-term average of 100. According to the KOF Swiss Economic Institute, this points to a “subdued” outlook for the economy, amid the second wave of cases and tighter social distancing restrictions.
November’s decline was driven by more negative signs regarding manufacturing and private consumption. In contrast, indicators relating to construction and finance were fairly stable. Looking ahead, tighter domestic restrictions could continue to weigh on the index in the near term.