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KOF Points Towards Ongoing Robustness But No Strong Boost

SWITZERLAND DATA
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The Swiss KOF Economic Barometer slightly missed expectations in April at 101.8 (vs 102.0 cons) but still rose against a downwardly revised prior reading of 100.4 (revised from 101.5).

  • The financial and insurance services sector printed stronger, and the current assessment of industrial companies overall was also brighter.
  • Within the manufacturing industry, the KOF noted uneven development, however - with the chemical and pharmaceutical industries standing out positively but food producers struggling.
  • Elsewhere, construction and hospitality industries also assessed their business outlook as worse.
  • Looking ahead, Switzerland is expected to experience solid growth in the beginning of 2024 - Q1 SA Y/Y real GDP growth is currently expected at +0.7% (consensus has moved up by +0.2p during the last month), and Q2 growth consensus stands at +1.1% (broadly unchanged).

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The Swiss KOF Economic Barometer slightly missed expectations in April at 101.8 (vs 102.0 cons) but still rose against a downwardly revised prior reading of 100.4 (revised from 101.5).

  • The financial and insurance services sector printed stronger, and the current assessment of industrial companies overall was also brighter.
  • Within the manufacturing industry, the KOF noted uneven development, however - with the chemical and pharmaceutical industries standing out positively but food producers struggling.
  • Elsewhere, construction and hospitality industries also assessed their business outlook as worse.
  • Looking ahead, Switzerland is expected to experience solid growth in the beginning of 2024 - Q1 SA Y/Y real GDP growth is currently expected at +0.7% (consensus has moved up by +0.2p during the last month), and Q2 growth consensus stands at +1.1% (broadly unchanged).

Keep reading...Show less