KOF Economic Barometer: Economic outlook continuous to darken
In May, the KOF Economic Barometer falls significantly and now stands at 90.2 points. This is the second time in a row that the barometer has fallen sharply. The outlook for the Swiss economy for the middle of 2023 is thus deteriorating further and remains at a below-average level.
The economic barometer stands at 90.2 points in May, 5.9 points lower than in April (revised from 96.4 to 96.1 points). The comparatively strong downward movement of the barometer is primarily driven by bundles of indicators from the manufacturing sector as well as by indicators covering financial and insurance services. Indicators covering the economic sector other services and foreign demand are also sending a negative signal. By contrast, indicators covering private consumption are slightly positive.
In the goods producing sector (manufacturing and construction), the picture is predominantly negative. The strongest negative drivers are indicators assessing the business situation and production barriers. Indicators assessing the order backlog and the competitive situation also make a negative contribution. Indicators assessing the production capacity situation made a slightly positive contribution.
In the manufacturing sector, indicators for the machinery and vehicle manufacturing sector and for the wood and paper products sector are sending the strongest negative signal. Indicators covering the textile industry and the paper and printing sector send a weak negative signal.
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