Slight economic improvement in 2024
(10.07.2024) The outlook for the Swiss economy is looking up. In June 2024, the Swiss Economic Institute (KOF) at ETH Zurich’s Economic Barometer rose to 102.7 points, marking an increase of 0.5 points from the previous month, and remains above the long-term average.
This positive trend is largely due to a favorable international business climate, which could benefit the Swiss hospitality sector, among others. However, the economic situation in the finance and insurance sectors slightly deteriorated in June.
The production sector (comprising manufacturing and construction) shows mixed trends. While orders, production, and employment are on the rise, intermediate products and the overall business climate are declining. These contrasting movements have caused stagnation in the secondary sector, with little change observed between May and June 2024.
Within the manufacturing industry, food companies, machinery manufacturers, and the paper and printing sectors are showing signs of improvement. In contrast, the textile, clothing, wood, glass, stone, and earth industries all reported worsening economic conditions.
The Economic Barometer remained below its long-term average for most of 2022 and 2023. In January 2024, the indicator reached its highest level since February 2022 and has since maintained an upward trend. The report's authors believe this positive trend is likely to continue in the coming months.