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SWITZERLAND DATA: July KOF Should Slightly Downwardly Pressure Growth Estimates

SWITZERLAND DATA
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The Swiss KOF Economic Barometer slowed down more than expected in July, coming in at 101.0 compared to consensus of 102.5 and an unrevised June print of 102.7, pointing towards the Swiss economy being "likely to continue to grow at a rather moderate pace in the near future".

  • "Above all, the outlook for both foreign demand and consumer demand is worsening", the KOF adds.
  • "The hospitality industry, construction, other services and manufacturing also show negative developments in July"
  • "The financial and insurance services sector resist the widespread downward tendency with an increase."
  • The print should put a bit of downward pressure on estimates of near-term economic growth in the country - MNI's collation of sellside analysts actually saw an upward revision of the median estimate during the last month - Q2 Y/Y real GDP growth is currently expected at +1.5% (consensus has moved up by +0.2p since late June).
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The Swiss KOF Economic Barometer slowed down more than expected in July, coming in at 101.0 compared to consensus of 102.5 and an unrevised June print of 102.7, pointing towards the Swiss economy being "likely to continue to grow at a rather moderate pace in the near future".

  • "Above all, the outlook for both foreign demand and consumer demand is worsening", the KOF adds.
  • "The hospitality industry, construction, other services and manufacturing also show negative developments in July"
  • "The financial and insurance services sector resist the widespread downward tendency with an increase."
  • The print should put a bit of downward pressure on estimates of near-term economic growth in the country - MNI's collation of sellside analysts actually saw an upward revision of the median estimate during the last month - Q2 Y/Y real GDP growth is currently expected at +1.5% (consensus has moved up by +0.2p since late June).