Switzerland Economic Sentiment


Switzerland: Leading economic indicator jumps to highest level in 11 months

July 30, 2015

Switzerland’s KOF economic barometer—a composite leading indicator for the Swiss economy in the next six months—jumped from the revised 89.8 points (previously reported: 89.7 points) in June to 99.8 points in July, thus reaching the highest level in nearly a year.

The KOF Swiss Economic Institute commented that while the strong Swiss franc continues to be a burden on the economy, the first shockwave after the removal of the exchange-rate cap in clearly fading. July’s increase mainly reflected an improvement in the manufacturing sector. In addition, sentiment in the banking sector and construction are no longer as gloomy as they have been in recent months. The KOF added that “the increase of the Barometer to the long-term mean value does not yet mean that the Swiss economy is in ‘normal mode’ again. However, the KOF Barometer does indicate that the Swiss economy hopes to be able to come to terms with the first shock of the Swiss franc in the next few months.”

The State Secretariat for Economic Affairs (SECO) expects GDP to expand 2.1% in 2015. For 2016, 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 July 2015

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

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