Economic climate: slightly gloomy

A person seated in front of several computer screens.

(17.05.2023) The Swiss economy is struggling to take off. After a slight uptick in optimism observed in January, the barometer of the KOF Swiss Economic Institute at ETH Zurich stabilized just below the long-term average in March, before settling at 96.4 points in April.

The Swiss economy has been going through a mixed period since the second half of 2021. Since June, a downward trend has clearly emerged and persists into the beginning of 2023, despite encouraging signs of recovery between January and March.

Between December 2022 and January 2023, the barometer had risen by 5.9 points to reach 97.4, the value closest to its long-term average since June 2022. The indicator then continued to climb – more timidly – in February (+1.5 points to 98.9) and in March (+0.3 points to 99.2)

In April, this cyclical improvement ran out of steam, with a decline of 2.8 points, dampening hopes of that the barometer would surpass its long-term average for the first time since April 2022.

The majority of sectoral indicators are affected, particularly those of the manufacturing industry, services, hospitality, and private consumption. However, financial and insurance services seem to be sending out more positive signals.

In the production sector (manufacturing industry and construction), the most unfavorable indicators come from order books, capacity utilization, production, and inventories.

In the manufacturing industry, the chemical and pharma, textile and clothing, as well as wood and paper branches are declining, while the situation in the electrical sector seems to be improving.


Last modification 17.05.2023

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