(18.12.2024) The economic outlook in Switzerland remains mixed. The Raiffeisen SME PMI index declined in November 2024 to 50.1 points, down from 51.9 points in October, inching closer to the contraction threshold. This is largely due to weak demand in international markets.
Since 2022, the overall index has struggled to stay consistently above the expansion threshold. After spending the third quarter of 2024 in the contraction zone (46.8 in July, 48.0 in August, and 47.2 in September), the SME PMI rebounded to 51.9 in October.
However, in November, order books (52.2, -1.9), production (50.3, -2.9), and delivery times (43.8, -6.8) all recorded month-on-month declines.
By contrast, merchandise inventories (52.8 / +4.8) and employment (50.2 / +0.2) showed slight increases. However, the study’s authors suggest that the rise in inventory levels reflects weak production activity rather than improved economic prospects. Additionally, the modest recovery in employment observed since the summer of 2024 may falter due to ongoing global economic uncertainty. The survey indicates that an increasing number of industrial companies are already turning to part-time work.
Significant disparities were also observed across sectors. Employment increased sharply in automotive manufacturing (+6.6%), pharmaceuticals (+6.4%), and the food industry (+2.0%). In contrast, most other sectors of the Swiss economy saw declines: chemicals (-4.2%), rubber and plastics (-3.3%), wood, paper, and printing (-3.1%), and machinery (-1.3%).
Last modification 18.12.2024
