June

In June, the KOF Economic Barometer declines again and now stands at 96.9 points. It is thus now below its long-term average for the second time in a row. The outlook for the Swiss economy in the upcoming months therefore remains subdued.

According to the KOF economic forecast, the Swiss economy will grow by 2.7 per cent this year and by 1.6 per cent next year. The fallout from the COVID-19 pandemic and the war in Ukraine is slowing the global economy. Nevertheless, Switzerland is holding its own thanks to domestic consumption and a relatively low inflation rate compared with other countries.

In June, the Global Barometers are quite stable, following noticeable falls in the two previous months. The Coincident Barometer rises a little and sustains a level compatible with moderate growth of the world economy in the second quarter. However, the current stability of the Leading Barometer continues to reflect a skeptical outlook for global economic growth in the months ahead.

The KOF MPC figure for 9 June 2022 is 0.20. At today’s meeting, the ECB’s Governing Council communicated that it will make sure that inflation returns to the ECB’s two per cent target over the medium term.