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Swiss KOF dropped to 96.5, gloomy economic prospects at beginning of the year

Swiss KOF Economic Barometer dropped to 96.5 in January, down from 104.1, missed expectation of 101.5, and back below long-term average of 100. KOF said, “after reaching an interim pandemic high in September, COVID-​19 is now weighing more heavily on the economy again. The pandemic is causing gloomy economic prospects at the beginning of the year.”

“Responsible for the decline are in particular the indicator bundles for accommodation and food service activities as well as other services,” KOF added. “But the outlook for manufacturing, financial and insurance services and private consumer demand is also less favourable than before. The outlook for construction is stable and foreign demand could provide a stronger impulse.”

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