In August, the KOF Economic Barometer drops. After an increase in the previous month, the Barometer decreases below its medium-term average again. The outlook for the Swiss economy is dampened.
The KOF Economic Barometer decreases by 3.9 points to a level of 97.4 (after revised 101.3 in the previous month). The majority of the indicator bundles included in the KOF Economic Barometer reflect this downward tendency. The outlook for the indicator bundles for manufacturing and hospitality is particularly dampened. The negative developments are slightly cushioned by the indicator bundle for foreign demand which shows an improved outlook this month.
Within the producing industry (manufacturing and construction), the sub-indicators for different aspects of business activity all show negative developments. The sub-indicators for exports and the general business situation are under particular pressure, undoubtedly also due to the new US tariffs on Swiss imports.
The majority of the sub-indicators within manufacturing exhibit a downward tendency. The sub-indicators for the chemical and pharmaceutical industry, the wood, glass, stone and earth segment, the electrical industry as well as for the food and beverage producers show particularly negative developments. Slightly more favourable developments are shown by the sub-indicators of the paper and printing product segment, while the sub-indicators for machinery and equipment manufacturing are nearly unaltered.
Note
Due to the publication of the revised national accounts at the end of September, the yearly update of the KOF Economic Barometer will be done in October. In previous years, KOF has published the yearly update in September.