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In November, the KOF Economic Barometer rises moderately and now stands at 96.7 points. It is thus continuing to approach its long-term average. Since the mid of 2023, it has thus remained at a stable, albeit below-average level. Therefore, the outlook for the Swiss economy remains moderate.

Both Global Barometers improve in November. The Leading Global Barometer points to an acceleration in world economic growth in the three to six months ahead. The Coincident Barometer is rising despite the monetary tightening in several countries, but it remains below its historical average.

The KOF Business Situation Indicator for the Swiss private sector, which is calculated from KOF’s Business Tendency Surveys, fell in October for the second month in a row. Following a modest decline in the previous month, business activity cooled significantly in October. Meanwhile, upward pressure on prices is decreasing and companies’ wage expectations are lower than last autumn.

Healthcare expenditure in Switzerland will continue to grow over the forecasting period (2022 to 2025). However, its share of gross domestic product will stabilise at around 11.5 per cent. These are the key findings of KOF’s healthcare expenditure forecast, which was prepared with the help of a research contribution from comparis.ch.

The KOF Employment Indicator shows a slight decrease in the fourth quarter of 2023 compared to the previous quarter. Nevertheless, the indicator is still clearly in positive territory. Employment is therefore expected to continue to rise in the next months. Employment is only declining in the manufacturing sector.