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SWITZERLAND DATA: August KOF Defies Expectations in August

SWITZERLAND DATA

The Swiss KOF Economic Barometer, against expectations, rose slightly in August, to 101.6, vs consensus and July's downwardly revised value of both 100.6.

  • "The majority of the indicator bundles included in the Economic Barometer contribute to the upward movement."
  • "In particular, these are the bundles for the other services sector, consumer demand and the construction industry. The manufacturing and hospitality industries also show a small increase overall."
  • "Indicators for foreign demand are almost stable. The financial and insurance services sector is experiencing a setback."
  • Looking ahead, analysts are looking for a pick-up of Swiss growth in the coming quarters after a strong Q2 +0.5% Q/Q preliminary print. For detailed analysis, see our Switzerland Macro Signal out earlier this week: https://roar-assets-auto.rbl.ms/files/66996/2024_08_Switzerland_Macro_Signal.pdf

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