Switzerland’s KOF Economic Barometer rose from a revised 104.2 to 106.7 in August, comfortably above 103.0 consensus and extending its run of monthly gains. The index now stands clearly above its medium-term average of 100, with KOF saying the outlook for the Swiss economy remains positive.
Improvement was led by manufacturing, other services and foreign demand, while private consumption remained the main weak spot and was described as “slightly under pressure.” Within manufacturing and construction, most indicator bundles improved, particularly those for intermediate-goods inventories, employment prospects, production activity and order backlogs. Metal and textile industries also strengthened, while paper and printing weakened.
The broader trend is increasingly constructive, with KOF Barometer recovering from 95.0 in March to 106.7 in August. That suggests Swiss activity momentum has improved materially over recent months, supported by both domestic production indicators and external demand, even as household consumption continues to lag behind the wider recovery.
Data Summary
| Indicator | Latest | Consensus | Previous |
|---|---|---|---|
| KOF Economic Barometer | 106.7 | 103.0 | 104.2 |
Main Drivers
| Area | August Signal |
|---|---|
| Manufacturing | Stronger |
| Other Services | Stronger |
| Foreign Demand | Stronger |
| Private Consumption | Slightly weaker |
| Employment Prospects | Improved |
| Production Activity | Improved |
| Order Backlogs | Improved |
| Intermediate-Goods Inventories | Improved |
| Metal Industry | Improved |
| Textile Industry | Improved |
| Paper & Printing | Weaker |
Key Takeaways
- Swiss KOF Economic Barometer rose from a revised 104.2 to 106.7, beating 103.0 consensus.
- Index moved further above its long-term average of 100, pointing to stronger-than-normal economic momentum.
- Improvement was led by manufacturing, other services and foreign demand.
- Producing industries showed broader strength in employment prospects, production activity, order backlogs and intermediate-goods inventories.
- Metal and textile industries improved, while paper and printing weakened.
- Private consumption remained main soft spot, with KOF saying that indicator bundle was slightly under pressure.
- Barometer has rebounded sharply from 95.0 in March to 106.7 in August, reinforcing picture of a broader economic recovery.
