Swiss KOF Barometer Falls in October

Switzerland’s KOF Economic Barometer fell to 107.6 in October 2026, down from 109.1 in September and below market expectations of 108.3. The decline was reflected across most indicator groups. On the demand side, foreign demand and private consumption weakened slightly. In terms of production, other services and financial and insurance services weighed on the index, while manufacturing provided a positive contribution. Within the producing sector, developments were mixed, as indicators for intermediate-goods inventories and the competitive situation weakened, while those for exports, production activity and the assessment of production barriers improved. Within manufacturing, the metal industry and food and beverage producers showed particularly positive developments, while the outlook for paper and printing products deteriorated. Despite the decline, the barometer remained above its medium-term average, indicating a continued robust outlook for the Swiss economy.

Switzerland’s KOF Economic Barometer rose to 109.1 in September 2026, up from a revised 107.5 in August and well above the market expectation of 106. It was the sixth consecutive monthly rise, bringing the barometer to its highest level since September 2021 and pointing to a continued improvement in the outlook for the Swiss economy. Among the indicator groups underpinning the barometer, manufacturing, services, and construction showed particularly positive developments. By contrast, the outlook for foreign demand and financial and insurance services weakened slightly. Within the producing sector, most sub-indicators related to business activity improved. In particular, indicators for exports, intermediate-goods inventories, and the general business situation pointed to a brighter outlook. However, employment prospects remained under pressure. Within manufacturing, the chemical and pharmaceutical, paper and printing, and textile industries performed particularly well.

The KOF Economic Barometer in Switzerland rose to 106.7 in August 2026, up from a revised 104.2 in July and comfortably above market expectations of 103.3. It marked the strongest reading since November 2021, driven mainly by positive developments in manufacturing, other services and foreign demand. Private consumption, however, remained under pressure. Within the producing sector, comprising manufacturing and construction, most indicator bundles pointed to improving conditions. In particular, indicators for intermediate-goods inventories, employment prospects, production activity and order backlogs all signaled a stronger outlook. Most manufacturing sub-indicators also supported the positive assessment. The metal and textile industries recorded favorable developments, while the paper and printing industries experienced a setback.