Switzerland Economic Sentiment


Switzerland: Leading economic indicator inches down in April

April 30, 2015

Switzerland’s KOF economic barometer—a composite leading indicator for the Swiss economy in the next six months—inched down from the revised 90.9 points (previously reported: 90.8 points) in March to 89.5 points in April, thus dropping to its lowest level since December 2011. The result was down from the 91.5 points the markets had expected.

The KOF Swiss Economic Institute commented that the effect of the change in monetary policy had already been manifested in February’s indicator. As a consequence, the result this month showed less volatility compared to the previous month. The institute added that, ”many indicators for the Swiss industry declined in April. In particular, the manufacture of wood products, the electronics industry and the chemical producers feel headwind. Also more clouded are the prospects for the hotel and catering industry.”

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 2.1% in 2015. For 2016, the SECO sees economic activity strengthening and expects GDP to expand 2.4%. Meanwhile, the Swiss National Bank expects economic growth of around 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.1% in 2015, which is down 0.7 percentage points from last month’s projection. For 2016, the panel expects economic growth to accelerate slightly to 1.4%.

Author:, Senior Economist

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Switzerland Economic Sentiment Chart

Switzerland Economic Sentiment April 2015

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

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