Switzerland Economic Sentiment April 2020

Switzerland

Switzerland: KOF economic barometer plunges at historic rate in April

April 30, 2020

The KOF economic barometer—a leading composite indicator for the Swiss economy— fell to 63.5 points in April from a revised 91.7 in March (previously reported: 92.9 points). Consequently, the indicator fell to its lowest level since March 2009 and now lies markedly below the series’ long-run average of 100 points, suggesting the economy is “in crisis mode” and will decline significantly in the short-term. To put April’s 28.2 point drop into perspective, after the collapse of Lehman Brothers in November 2008 the index fell 7.1 points.

The rapid deterioration was led by sharp declines in the indicators for manufacturing industry and services. Moreover, the indicators for foreign demand, construction and consumption were also negative in the month.

In April, FocusEconomics Consensus Forecast panelists projected GDP to contract 2.3% in 2020, which was down 3.5 percentage points from the prior month’s forecast. For 2021, the panel foresaw GDP growth of 3.0%. New forecasts will be available in the May publication released on 5 May.


Author:, Economist

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Switzerland Economic Sentiment April 20 20

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


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