Press Releases

The KOF Business Situation Indicator for the Swiss private sector, which is calculated on the basis of the KOF Business Tendency Surveys, fell in January. It had previously risen in October and November last year and remained virtually unchanged in December. Business expectations for the next six months were once again slightly more cautious in January than they had been in December.

The KOF Employment Indicator has fallen slightly in the first quarter of 2025 compared with last quarter. This decline is primarily due to the worsening employment prospects in the retail and manufacturing sectors. Overall, the Swiss labour market is expected to remain subdued this quarter and next.

The KOF MPC figure for 30 January 2025 is 0.17. At today’s meeting, the ECB’s Governing Council decided to lower the three key ECB interest rates.

The KOF Economic Barometer increases in January. After a decline in the previous month, it rises slightly to the above-average range. The outlook for the Swiss economy improves somewhat at the beginning of the year.

KOF has collaborated with the Neue Zürcher Zeitung (NZZ) newspaper to survey economists on fundamental and current economic questions. The results show that they reject state intervention such as rent controls and trade tariffs. On the other hand, opinions are divided along political lines when it comes to questions about easing Switzerland’s debt brake or subsidising environmentally friendly technologies.

The decrease in the Global Barometers in January suggests a pullback after the rise recorded in the last quarter of 2024. With the decline, the Coincident Barometer is moving away from the 100-point mark. However, the Leading Barometer remains above 100 points, indicating a continued positive outlook for the performance of the world economy in the first half of 2025.