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The KOF Business Situation Indicator for the Swiss private sector fell again in March after initially not continuing its downward trend in the previous month (see chart G 8). Firms’ expectations about their business activities over the next six months are slightly more confident than they were in the previous month. Conditions in the Swiss economy remain challenging.

The KOF Business Situation Indicator for the Swiss private sector rose slightly in February (see chart G11), following two consecutive months of modest declines. Overall, business activity at Swiss companies has not changed significantly since October 2023. The sharp downward trend of the first three quarters of 2023 has been broken for the time being. Although the Swiss economy has recovered, there is a lack of momentum.

The KOF Business Situation Indicator hardly changed in December (see chart G13). Its rapid decline, which lasted from the beginning of 2023 into October, has slowed for the time being. The Swiss economy is currently sluggish.

The KOF Business Situation Indicator for the Swiss private sector continued to deteriorate in November (see graphic G 3). This was the third monthly decline in a row. The business outlook for the next six months remains virtually unchanged at a subdued level. Economic activity in Switzerland remains sluggish.

The KOF Business Situation Indicator for the Swiss private sector retreated very slightly in September after flatlining in the previous month (see chart G 8). Its decline was modest, however, and in return companies are slightly more confident about their future business than they were before. The Swiss economy is not showing any fundamental signs of change at the moment.  

The KOF Business Situation Indicator for the Swiss private sector pauses in August (see Chart G 5). After a sharp decline in the previous month, it does not fall further. Expectations for further business development remain rather subdued. The Swiss economy is developing sluggishly.

The KOF Business Situation Indicator for the Swiss private sector rose slightly in June, averting a third consecutive decline (see chart G 16). However, this modest improvement does not yet indicate that the Swiss economy has received a significant boost. Business expectations about developments in the near future emphasised this view; they hardly changed compared with the previous month and were average overall.

The KOF Business Situation Indicator fell across the board in May. This means that the business situation is worsening for the second month in a row, and it is significantly less encouraging than it was in May last year (see chart G 10). Economic activity in Switzerland is currently sluggish.

The KOF Business Situation Indicator for the Swiss private sector remained almost unchanged in March (see chart G 13). It was primarily the manufacturing sector that presented an obstacle to any improvement. The economy therefore failed to gain any real momentum.

The business climate for the Swiss private sector deteriorated somewhat in February. Having risen sharply in January, the Business Situation Indicator could not quite sustain the previous month’s value in February (see chart G 3). Nevertheless, the economic situation in Switzerland in the first few months of this year is significantly more encouraging than it was in the autumn of 2022.

The KOF Business Situation Indicator rose slightly in December, having previously fallen twice in a row (see chart G 15). The recent recovery trend continued, with business activity improving in all sectors surveyed in December. Although the Swiss economy is operating in a challenging environment, it is not in crisis.

The KOF Business Situation Indicator fell in November for the second month in a row (see Chart G 9). Although its decline is slowing, it affected all of the sectors surveyed in November. The Swiss economy is slowing down slightly.

The KOF Business Situation Indicator recovered in September after suffering two consecutive declines. Although it rose slightly in September, it remains lower than it was in July. Firms still view their business situation as predominantly encouraging. Although the economy in Switzerland has cooled somewhat in recent months, companies continue to cope with this situation adequately.  

The KOF Business Situation Indicator fell in August for the second month in a row. Although the situation is more encouraging now than it was a year ago, it was noticeably more positive this spring and during the earlier summer months. The Swiss economy is clearly showing signs of slowing.

After rising sharply in the previous month, the KOF Business Situation Indicator almost managed to maintain its high level in May, falling just slightly (see Chart G 8). Although companies’ business expectations for the near future are still well above average, they are no longer as optimistic as they were in the autumn of last year. The Swiss economy is in good shape, and its momentum is likely to slow in an orderly fashion.

The business fortunes of companies in Switzerland deteriorated significantly in March, with the financial and insurance services sectors primarily responsible for the less encouraging situation (see Chart G 9). The changes in the other sectors of the economy in March were comparatively small.

The latest KOF Business Situation Indicator for the Swiss private sector fell very slightly in February (see G 12). Companies remain virtually unchanged in their confidence about business over the coming six months. Uncertainty about business going forward is also decreasing. The Swiss economy is currently performing well.

The KOF Business Situation Indicator hardly rose visibly at all in December. Business activity at the companies surveyed was predominantly encouraging (see Chart G 7). These firms are almost as confident about their future prospects as they were in the previous month. However, uncertainty about the outlook for business going forward is increasing again slightly. The Swiss economy recovered strongly over the course of 2021 and, overall, was in a healthy position towards the end of the year.

The KOF Business Situation Indicator rose in September after barely moving in the previous month (see chart G 16). Swiss companies’ business is currently predominantly encouraging; the last time it was better than at present was back in 2018. Firms are looking ahead confidently to growing their business over the coming six months. The Swiss economy is still on an upward trajectory.

Swiss companies’ business remained fairly stable in August. July’s sharp rise in the KOF Business Situation Indicator was almost, but not quite, maintained. The business situation therefore remains favourable.

The strength of Swiss companies’ business activity in June was similar to the previous month (see G 15). Following five recent rises in the KOF Business Situation Indicator, some of which were quite significant, the recovery was therefore weaker in June. The economy's recent turbulent catch-up process is slowing down.

Swiss companies’ business continued to improve in May. The Business Situation Indicator has thus been rising steadily since the beginning of the year (see G 6). Although the indicator has not yet returned to its pre-crisis level, this landmark is within sight. The Swiss economy is increasingly picking up speed. One growing problem, however, is the availability of intermediate products.

The business situation of Swiss companies continued to ease in March. After hitting a low in January, the Business Situation Indicator rose this month for the second time in a row (see G 18). This improvement is visible across all sectors surveyed. The recovery of the Swiss economy is strengthening.

The business situation of Swiss firms recovered slightly in February after being under pressure at the beginning of the year. Nevertheless, the situation is currently less encouraging than it was in the autumn. The Swiss economy is still waiting for further tailwinds.

The KOF Business Situation Indicator rose in December after suffering a setback in November (see G 11). Despite the second wave of the pandemic in Switzerland and neighbouring countries, companies started December on a fairly positive note. The situation is nowhere near as tough as in the spring. However, the latest tightening of restrictions and the news about a new coronavirus variant are not included in these survey results.

The KOF Business Situation Indicator reported a minor setback in November. After rising in October, it has recently fallen slightly (see G 17). Although coronavirus restrictions have been tightened in recent weeks, companies are currently in a better situation than they were during the summer months.

The KOF Business Situation Indicator has remained almost stagnant. Whereas it rose sharply in July and August, the indicator hardly increased at all in September (see G 8). After the economy noticeably improved in midsummer, this positive trend is now faltering. The economy is in a precarious position.

The KOF Business Situation Indicator rose in August for the second month in a row. However, this increase was significantly lower than the one in the previous month. Swiss companies’ business is improving only very gradually.

The KOF Business Tendency Surveys have revealed that Swiss companies’ fortunes hardly changed in June. KOF’s Business Situation Indicator thus confirms the stabilisation trends prevailing in the Swiss economy. The virus-induced economic freefall had already ended in the previous month. The retail sector in particular showed signs of life again in June. The Swiss economy is likely to have bottomed out for the time being.

The KOF Business Situation Indicator regained some ground in May after having crashed in the previous month: the indicator is rising very modestly (Graph G 10). Nevertheless, Swiss companies reckon that their current situation is significantly worse than it was during the 2009 financial crisis. Although the Swiss economy is still in recession, it is no longer in freefall.

The KOF Business Situation Indicator fell extraordinarily sharply in April. In the face of the COVID-19 pandemic, companies reckon that their business is faring even worse than during the 2009 financial crisis. Specially added questions on the pandemic indicate that the slump in demand is more serious than restrictions on production.

Towards the end of 2019, the business situation of Swiss companies slowed down again (cf. G 4). The Swiss economy is held back by the sluggish trend in the manufacturing industry. By contrast, the construction industry and numerous service sectors reported a stabilisation of the business trend. Overall, the difficult international environment continues to place a strain on the Swiss economy.

In November, Swiss companies reported no further slowdown of their business situation. Following a decline in September and October, the KOF Business Situation Indicator went up slightly in November (See Graph 6). Although the Swiss economy picked up to some extent in autumn, the economic environment remained difficult.

The Business Situation Indicator recorded another decline in October, having previously remained practically unchanged over the summer months (see G 10). The business situation is currently significantly less positive than it was last autumn, and has been worsening for several months, in particular in the manufacturing sector. The global economic slowdown is increasingly having knock-​on effects on Switzerland.  

The KOF Business Situation Indicator declined noticeably in September (see G 6). Following stable figures for the business situation during the summer months of July and August, it then dropped again in September. The Swiss economy is facing a difficult environment and is running out of steam.

The KOF Business Situation Indicator shows a generally stable Swiss economy in August (see G 4). The business situation was essentially unchanged from the previous month. However, it is clearly less favourable than it was in August of last year. The Swiss economy is less dynamic at the moment, although is not slowing any further.   

With the KOF Business Situation Indicator recording another slight decline in June, the business situation among Swiss companies has been slowing down slightly month-by-month since November of last year (see G 5). The economy is facing increasing headwinds.

In May, the KOF Business Situation Indicator lost further ground (See G 6). The indicator is thus declining for the sixth consecutive month. Although it only dropped in small increments in some of these months, the negative trend is clearly visible over the whole six-month period. The Swiss economy is losing steam.  

In April, the business situation of Swiss companies worsened once again. The Business Situation Indicator declined for the fifth month in a row (see G 5). With the exception of the construction and project engineering sectors, all other sectors have been struggling to sustain their business situation since the start of the year. By contrast, the companies’ expectations for the coming six months have not fallen any further.

In March, the KOF Business Situation Indicator for the Swiss private sector fell for the fourth time in succession (see G 6). After only a slight decline of the indicator in the previous month, the negative trend has now intensified again. As a result, the business situation of companies is currently less favourable than at the same time last year. The Swiss economy is cooling down.  

The KOF Business Situation Indicator for the Swiss Private Economy is still on the decline in February (see G 13). The indicator has fallen for the third month in a row and is thus being propelled along a downward trajectory. It is becoming harder for Swiss businesses to navigate through increasingly treacherous economic waters. 

According to the results of the current KOF Business Tendency Surveys, which were conducted among 9,000 businesses, companies assess their current business situation as slightly less favourable than before. The KOF Business Situation Indicator has begun the year in the minus (see G 5). Companies are also less positive about their expected business trend. However, confidence about the future business development predominates. Nevertheless, companies are increasingly facing some headwinds.  

Following a slightly bigger rise in the preceding month, the KOF Business Situation Indicator for the Swiss Private Economy fell slightly in December (see G 11). However, despite this setback, companies’ business situation is considerably better than at the beginning of 2018. Having improved to some degree during the first half of the year, the business situation changed very little thereafter. The Business Situation Indicator has remained clearly in positive territory since summer 2018.  

The KOF Business Situation Indicator for the Swiss Private Economy edged up slightly in November, recording the first gain after a consecutive three-month decline (see G 7). The current business situation among Swiss companies is thus predominantly positive and of a robust nature.

The KOF business situation is barely any different in October compared to the previous month. This means that the business situation of Swiss companies has not changed significantly since July of this year (See G 1). Optimism on the part of companies regarding future business trends has fallen back slightly. The Swiss economy is continuing to ride high, although with slightly less of a tail wind.

Having changed very little in the preceding month, the KOF Business Situation Indicator for the Swiss Private Economy dropped slightly in September (see G 13). Although the indicator is no longer moving upward, it remains very close to its previous high level. The Swiss economy is still booming. However, it is currently not receiving any further boosts.

In August, the KOF Business Situation Indicator for the Swiss private economy climbed very slightly again, falling into line with the previous month’s positive trend. Despite uncertainty in the international environment, the Swiss upswing remains robust.

In June 2018, the KOF Business Situation Indicator for the Swiss private economy lost some ground after having risen substantially in the preceding month (see G 9). All in all, the Business Situation Indicator has changed little since the beginning of 2018. Although the economic situation in Swit-zerland continues to be favourable, businesses are failing to make up further ground.

In May 2018, the KOF Business Situation Indicator for the Swiss private economy improved substantially, overcoming the two slight dampeners of March and April, and following up on the positive trend that prevailed until February. The Swiss economy is enjoying a pronounced upswing.

In March 2018, the KOF Business Situation Indicator for the Swiss private economy improved once again (see G 8). The indicator has been on a steady upward trajectory since the beginning of the year and has now reached the highest point since summer 2011. The Swiss economy is running smoothly.

In February 2018, the KOF Business Situation Indicator for the Swiss private economy continued to rise (see graph G 6). With one single exception, the business situation has thus been improving from month to month since January 2017. The Swiss economy is visibly gaining strength.

In December 2017, the KOF Business Situation Indicator for the Swiss private economy went up slightly. Compared to the beginning of the year, the business situation of Swiss companies has improved substantially (See G 6). The Swiss economy is ending the year in a healthy state.

In November 2017, the KOF Business Situation Indicator for the Swiss private economy dropped slightly for the second time in a row. Although the business situation is still favourable, it does not look quite as magnificent as during the summer months. Nevertheless, all in all the KOF survey results indicate a consistently robust business situation.

In September 2017, the KOF Business Situation Indicator for the Swiss private economy went up again (see G 10). With the sole exception of July, there has been a gradual improvement over the year so far. The recovery of the Swiss economy is progressing.

In August 2017, the KOF Business Situation Indicator for the Swiss private economy rose again after a slight decline in the previous month (see G 5). The improved European economy was the main additional driver of economic growth in Switzerland.

In June 2017, the KOF Business Situation Indicator for the Swiss private economy went up for the sixth consecutive time (see G 4). The companies’ business situation has thus been gradually improving since the beginning of the year, reflecting the Swiss economy’s solid upward trend.

In May 2017, the KOF Business Situation Indicator for the Swiss private economy was up slightly again, making this the fifth consecutive rise (see G 9). Economic activity in Switzerland is picking up, albeit with lower momentum than in the past few months.

In April 2017, the business situation of businesses in the private sector was significantly more favourable than during the previous month (see G 1). This means that businesses have been able to improve their situation continuously since the start of 2017. In addition, firms’ expectations concerning the course of business over the coming six months are more confident than previously. The Swiss economy has started the spring with a swing in its step.

The KOF Business Situation Indicator for the Swiss private sector improved significantly in March 2017, thus consolidating the trend from the previous month (see G 6). The business situation has not been this positive for the last two years. The Swiss economy is enjoying a significant boost.

The KOF Business Situation Indicator for the Swiss private sector improved in February 2017 for the first time in three months. Although, considered from a long-term perspective, the current business situation can be classified as rather less favourable, businesses were able to catch their breath a little bit in February in structural terms.

The KOF Business Situation Indicator for the Swiss private economy declined slightly at the start of 2017, resulting in the third monthly slowdown of the business situation in a row. Nevertheless, companies considered their situation to be more favourable in January 2017 than at the beginning of 2016. The latest slowdown shows, however, that the Swiss economy is still on difficult terrain.

In December, the KOF Business Situation Indicator for the Swiss private economy went down slightly for the second consecutive time. According to the responses of the Swiss companies, the business trend was somewhat slow-moving towards the end of the year.

Following an unbroken upward trend that had lasted for months (see G 10), the KOF Business Situation Indicator for the Swiss private economy fell in November. For the time being, the improvement of the last few months has come to a halt. Despite the boost the economy gave Swiss companies in the last few months, the business environment remains difficult.

In October, the KOF Business Situation Indicator for the Swiss private economy rose for the fourth consecutive time. It looks as if the recovery of the recent summer months will continue. Companies are also more confident with respect to their future development. Business expectations for the coming six months are more positive than they were in the middle of the year. The Swiss economy is carried along by a modest but steady tailwind.

In September, the KOF Business Situation Indicator for the Swiss private economy rose for the third consecutive time, albeit recently to a smaller extent (see G 17). Nevertheless, the current survey results confirm a continuation of the upward trend. The Swiss economy is facing significantly less headwind in late summer.

In August, the KOF Business Situation Indicator for the Swiss private economy rose for the second consecutive time (see G 9). Since the ‘Brexit’ vote, the Business Situation Indicator has had an upward tendency. This means that Swiss companies currently see little effect from the British vote. In fact, the gradual recovery of the Swiss economy is continuing.

In June, the KOF Business Situation Indicator for the Swiss private economy fell for the first time in four months. The decline in June is predominantly due to the financial and insurance service providers. However, the recent drop in the indicator is less pronounced than its rise in May. All in all, in mid-2016 Swiss companies are in slightly better shape than they were at the beginning of the year. Nevertheless, the strain caused by the strong Swiss franc remains noticeable.

The KOF Business Situation Indicator for the Swiss private economy has risen for the fourth consecutive time.  After a significant slowdown at the beginning of the year, the indicator has now almost retuned to the levels last seen in summer/autumn 2015