Switzerland: Leading economic indicator declines to lowest reading this year
August 30, 2016
Switzerland’s KOF economic barometer—a leading composite indicator for the Swiss economy forecasting a six-month period—edged down from a revised 103.5 points in July (previously reported: 102.6 points) to 99.8 points in August. This result was the lowest value seen since the beginning of the year and was below the indicator’s long-term average of 100 points.
The KOF Swiss Economic Institute commented that the deterioration in the economic barometer in August came on the back of a gloomier outlook in the manufacturing, banking and tourism sectors, as uncertainties about the international business environment are hampering sentiment. Within the manufacturing sector the dimmer outlook was reflected in the vast majority of industries due to fewer incoming orders and a generally poorer business climate.