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Switzerland Economic Sentiment April 2019

Switzerland: KOF economic barometer slips in April

The KOF economic barometer—a leading composite indicator for the Swiss economy forecasting a six-month period—ticked down to 96.2 points in April from a revised 97.1 points in March (previously reported: 97.4 points). Consequently, the indicator remains below the series’ long-run average of 100 points, suggesting the economy will expand at a softer pace in the short-term than its 10-year average rate.

April’s downturn, which came after the first rebound in five months in March, was largely the result of a deterioration across the sub indicators for the manufacturing sector. Manufacturing firms were notably more pessimistic about their competitive position and employment in April. Moreover, the construction sector also contributed to the fall. Meanwhile, sub indicators for private consumption and the banking and insurance sectors were stable in the month.

The KOF indicator has now been below the 100-point threshold for six consecutive months as the Swiss economy continues to face intensifying headwinds of a weakening EU and slower global growth. The KOF Swiss Economic Institute noted in its press release the Swiss economy is likely to remain volatile in the coming months.

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