Source: KOF Economic Institute
The KOF economic barometer moves one step further towards its long-term average shortly before the end of the year. The high-flying of the barometer, which was observed in the middle of the year, is being cushioned by a further corrective movement. However, the barometer remains above its long-term average. The prospects for the Swiss economy remain positive, given that economic activity is not impaired by a recurring spread of the virus.
The KOF economic barometer declines by 1.7 points in November and now stands at 108.5 points. In October, the barometer still reached a value of 110.2 points (revised from 110.7). The decline is driven by indicator bundles for the accommodation and food service industry. By contrast, the indicator bundles for other services industry, private consumption and manufacturing point in a positive direction.
In the goods producing sector (manufacturing and construction), the bundle of indicators for assessing the business situation is particularly positive. The development of production is also assessed positively. By contrast, the indicators for assessing production capacity and the employment situation are negative. Overall, however, the contribution for the goods producing sector is positive.
Within the manufacturing sector, indicators for the metal industry and the paper and printing sector make the strongest positive contribution. The wood, glass, stone and earth sector and the food and beverages sector also make a positive contribution. This positive dynamic within the manufacturing sector is slowed down by indicator bundles representing the textile industry.