KOF Economic Research Agency said, in November, the KOF Economic Barometer fell to its lowest level since 2015. The downward movement, which has been observed since the beginning of the year, continues. The barometer is still well below its long-​term average. The outlook for the Swiss economy remains subdued.

The KOF Economic Barometer falls by 1.8 points in November, from 94.8 (revised from 94.7) to 93.0. Economists had expected an increase to 95.0.

Several bundles of indicators are equally responsible for the decline. However, negative signals from hotel and catering activities and from the banking and insurance sector stand out slightly. Indicators regarding foreign demand and other services are also declining. On the other hand, indicators for the manufacturing sector remain almost unchanged.