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SWITZERLAND DATA: September KOF Extends Upwardly Revised August Strength

SWITZERLAND DATA
SwitzerlandData BulletCEEMEABulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

The Swiss KOF Economic Barometer rose in September, to 105.5, significantly above consensus of 101.0 and following an upward revision of August's index to 105.0 (initially 101.6).

  • "Almost all indicator bundles for the economic sectors point to a more favourable outlook than before. Above all, the indicators for the manufacturing industry and, to a lesser extent, those for the financial and insurance services, the construction industry and the other services."
  • The strength in manufacturing is especially noteworthy as the sector continues to severely suffer in Switzerland's neighbour Germany.
  • Looking ahead, analysts are looking for Swiss economic growth to taper off in the coming quarters but generally, estimates have been upwardly revised recently, with the median estimate seen by MNI looking for another +1.8% Y/Y in Q3/Q4 2024 (as was Q2), followed by +1.7% and +1.4% in Q1/Q2'25. The stronger KOF should be a good sign here.
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The Swiss KOF Economic Barometer rose in September, to 105.5, significantly above consensus of 101.0 and following an upward revision of August's index to 105.0 (initially 101.6).

  • "Almost all indicator bundles for the economic sectors point to a more favourable outlook than before. Above all, the indicators for the manufacturing industry and, to a lesser extent, those for the financial and insurance services, the construction industry and the other services."
  • The strength in manufacturing is especially noteworthy as the sector continues to severely suffer in Switzerland's neighbour Germany.
  • Looking ahead, analysts are looking for Swiss economic growth to taper off in the coming quarters but generally, estimates have been upwardly revised recently, with the median estimate seen by MNI looking for another +1.8% Y/Y in Q3/Q4 2024 (as was Q2), followed by +1.7% and +1.4% in Q1/Q2'25. The stronger KOF should be a good sign here.