Switzerland PMI May 2021

Switzerland

Switzerland: Manufacturing PMI hits record high in May, services PMI increases

June 1, 2021

The manufacturing Purchasing Managers’ Index (PMI) produced by Credit Suisse and procure.ch rose from 69.5 in April to 69.9 in May. May's result marked the best performance on record. Consequently, the index moved further above the 50-threshold, signaling a faster improvement in business conditions compared to the previous month. May’s reading came amid surging backlogs of new orders, and faster employment growth. There were also signs of supply shortages, with supplier delivery times lengthening at a faster pace, and purchase price inflation accelerating.

Meanwhile, the services PMI rose from 57.6 to 58.8, amid stronger business activity and employment growth, aided by the loosening of Covid-19 restrictions domestically.

FocusEconomics Consensus Forecast panelists project the economy to expand 3.3% in 2021, which is up 0.1 percentage points from last month’s forecast. In 2022, the panel expects GDP to grow 2.8%.


Author:, Economist

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Switzerland PMI May 2021

Note: Credit Suisse and procure.ch Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a reading below 50 indicates a contraction.
Source: Credit Suisse and procure.ch.


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