09

The KOF Economic Barometer remains pessimistic in September and now stands at 95.9 points, following a revised value of 96.2 in August. The barometer thus remains below its long-term average. The economic barometer, which has been weakening in recent months, indicates a cooling Swiss economy for the end of 2023.

The Swiss economy is currently characterised by two opposing trends. On the one hand, private consumption and the robust labour market are supporting the domestic economy. On the other, the weakness of the global economy is weighing on the export-driven Swiss economy. All in all, KOF expects real gross domestic product (GDP), adjusted for major sporting events, to increase by 1.2 per cent this year and by 1.5 per cent next year.

The KOF MPC figure for 14 September 2023 is 0.09. At today’s meeting, the ECB’s Governing Council reiterated that inflation continues to decline but is still expected to remain too high for too long.

The Global Barometers rise in all regions for the third consecutive month in September. Although still below average, the Coincident Barometer shows some improvement in overall economic conditions, while the Leading Barometer reaches its historical average of 100 points.