Switzerland Economic Sentiment


Switzerland: Leading economic indicator hits eight-month low in December on further deteriorations in manufacturing

December 23, 2015

Switzerland’s KOF economic barometer—a composite leading indicator for the Swiss economy in the next six months—inched down from 97.3 in November to 96.6 in December, thus hitting the lowest level since April of this year.

The KOF Swiss Economic Institute commented that, similar to the previous month’s deterioration, the decrease in the economic barometer in December was mainly driven by negative developments in the manufacturing sector, thus indicating that the negative effects of the overvalued currency are not over yet. Within the manufacturing sector, negative tendencies were observed in the metal and electrical industries. On the contrary, positive developments were recorded in the mechanical engineering as well as in the textile industries. Moreover, the construction sector performed worse compared to the previous month. The Institute added that, on the bright side, these negative tendencies were partly offset by moderate improvements in indicators related to foreign demand and the financial industry.

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 1.5% in 2016. For 2017, SECO sees economic activity strengthening and expects GDP to expand 1.9%. Meanwhile, the Swiss National Bank expects economic growth of 1.5% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.2% in 2016, which is down 0.1 percentage points from last month’s projection. For 2017, the panel expects economic growth to accelerate to 1.7%.

Author:, Senior Economist

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Switzerland Economic Sentiment Chart

Switzerland Economic Sentiment December 2015

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

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