The outlook for the Swiss economy brightened significantly again in March despite the ongoing corona pandemic. The KOF economic barometer rose significantly in the reporting month of March and is at its highest level since summer 2010.
Specifically, the barometer rose by a whopping 15.2 to 117.8 points in the month under review, as reported by the ETH Zurich Economic Research Center (KOF). The indicator is thus well above the average value of 100 points. The previous month’s value was adjusted downwards by 0.1 points this time and is now 102.6.
Swiss industry drives growth
Economists surveyed by the AWP news agency were clearly more pessimistic and forecast a value in the range of 104.5 to 107.0 points. According to the KOF, the indicators from Swiss industry are particularly responsible for the higher than expected increase.
The other groups of indicators, both for domestic and foreign demand, all signaled a positive development, albeit clearly weaker than industry.
More optimism in the chemical and electrical industries
In the manufacturing industry (manufacturing industry and construction), the order situation in particular is assessed to be improved, followed by production and the competitive situation. According to the KOF, the assessment of the bearings is somewhat less favorable.
In the manufacturing sector, all sectors shown in the barometer are showing an improvement over the previous month. This is particularly pronounced in the metal industry, followed by the textile and chemical industries and then by mechanical engineering and the paper industry.
The KOF economic barometer is an early indicator for the development of the Swiss economy, which is made up of a large number of individual indicators. These are combined into an overall indicator using statistically determined weights.
Published: 03/30/2021, 11:51 am
Last updated: 03/30/2021, 11:51 am
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KOF economic barometer Swiss companies bursting optimism