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KOF Beat Suggests Economic Resiliency Going Into 2024

SWITZERLAND DATA
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The Swiss KOF Economic Barometer exceeded expectations in January at 101.5 (vs 98.2 cons and 98.0 prior, revised from 97.8). This was the highest value since January 2023, the third consecutive monthly rise, and the first time since March 2023 that the index was above the 100.0 mark that represents the longer-term average.

  • Strong developments could be seen particularly in the accommodation industry as well as in "other services", according to the KOF, though alongside positive developments were also evident in the manufacturing, construction and foreign demand indicators.
  • The only area that showed weaker activity was finance and insurance.
  • The uptick in the producing (manufacturing and construction) industries "masks mixed tendencies" in the sector, however, with capacity utilization as well as the indicator of the general business situation declining.
  • While somewhat mixed, the headline reading and the report overall suggests the Swiss economy is showing improvement compared to its larger neighbor Germany and the broader eurozone, and follows recent comments from SNB's Jordan that he is confident Switzerland will avoid a recession in the current cycle.

MNI, KOF

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The Swiss KOF Economic Barometer exceeded expectations in January at 101.5 (vs 98.2 cons and 98.0 prior, revised from 97.8). This was the highest value since January 2023, the third consecutive monthly rise, and the first time since March 2023 that the index was above the 100.0 mark that represents the longer-term average.

  • Strong developments could be seen particularly in the accommodation industry as well as in "other services", according to the KOF, though alongside positive developments were also evident in the manufacturing, construction and foreign demand indicators.
  • The only area that showed weaker activity was finance and insurance.
  • The uptick in the producing (manufacturing and construction) industries "masks mixed tendencies" in the sector, however, with capacity utilization as well as the indicator of the general business situation declining.
  • While somewhat mixed, the headline reading and the report overall suggests the Swiss economy is showing improvement compared to its larger neighbor Germany and the broader eurozone, and follows recent comments from SNB's Jordan that he is confident Switzerland will avoid a recession in the current cycle.

MNI, KOF