Swiss KOF Economic Barometer, a leading indicator for the Swiss economy, declined from 92.1 to 91.1 in August, missing market expectation of 91.3. The barometer continues to hover below the average mark, signaling that Swiss economy is likely to face challenging conditions in the near term.
According to KOF, almost all sectoral indicators contributed to the lower reading except for construction and domestic consumption, which exhibited slight positive developments.
The most notable downturn in sentiment was observed in the services sector, affecting both real and financial services. This was closely followed by export-oriented businesses, as well as the hotel and restaurant industries.
