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Switzerland Economic Sentiment August 2019

Switzerland: KOF economic barometer stable in August

The KOF economic barometer—a leading composite indicator for the Swiss economy, which forecasts a six-month period—was unchanged at July’s revised 97.0 points in August (July previously reported: 97.1 points). Subsequently, the indicator remained below the series’ long-run average of 100 points, suggesting the economy will expand at a weaker rate in the short-term than its 10-year average rate.

In August, indicators for foreign demand, consumer spending, and manufacturing improved in August, the latter due to more favorable order backlogs and inventories. However, this was offset by stagnating or deteriorating economic sentiment in the accommodation, food service, financial, insurance, and construction sectors.

Amid intensifying global trade tensions, the KOF indicator has remained entrenched below the 100-point threshold so far this year, suggesting the economic growth will likely continue to be subdued through a good part of the second half of the year.

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