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CH: KOF Swiss Leading Indicator
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Index | 100.8 | 100.7 to 102.5 | 103.5 | 101.2 | 102.1 |
Highlights
Switzerland’s economic outlook strengthened in July 2026 as the economic barometer rose by 1.4 points to 103.5, remaining above its medium-term average. This suggests that near-term economic activity may outperform its normal trajectory. The improvement was relatively broad, spanning financial services, construction, manufacturing and other services, while stronger profitability, competitiveness and business conditions reinforced supply-side confidence.
Nevertheless, the composition warrants cautious optimism. Foreign demand and private consumption remained broadly unchanged, while production activity and intermediate-goods stockpiling weakened. This divergence suggests that business expectations are improving faster than actual demand and output, leaving the recovery vulnerable if exports and household spending fail to strengthen.
Manufacturing also presented an uneven picture as electrical engineering and machinery provided positive signals, whereas textiles and construction-related materials remained subdued. In summary, the barometer indicates a consolidating, supply-led expansion rather than a broad economic boom. Its strength will depend on stronger demand, renewed inventory accumulation and the conversion of improved business confidence into sustained production growth.
Market Consensus Before Announcement
The Swiss KOF index is seen at 100.8 in July, down from 101.2 in June.