Data from the Swiss Economic Institute (KOF) showed that in December, the leading economic barometer rose to 97.8 points from 97.2 points in November (revised from 96.7 points). The latest reading was the highest since April. Economists had expected the index to drop to 96.9 points. KOF stated that the outlook for the Swiss economy for the start of 2024 therefore remains subdued despite a further improvement.
According to the report, the growth of the index in December was due to an improvement in the indicators of the manufacturing sector and private consumption. Bundles of indicators in the other sectors remained virtually constant compared to the previous month. In the goods producing sector, indicators of the production situation developed particularly positively. Meanwhile, the business and inventory indicators have deteriorated. Indicator bundles covering the order backlog and the employment situation remain at an almost constant level. Within the manufacturing sector, the indicators for the textile industry, mechanical engineering and the electrical industry are mainly responsible for the persistently negative assessment.