FX.co ★ Switzerland KOF Economic Barometer Slips in January

In January 2026, Switzerland's KOF Economic Barometer experienced a decline, registering at 102.5 compared to an upwardly revised figure of 103.6 in December, and falling short of market predictions set at 103.0. This downturn was primarily attributed to weaker performance indicators within the hospitality and construction sectors. Conversely, the manufacturing and financial, as well as insurance services sectors, demonstrated signs of improvement. Within the broader producing sector—which encompasses both manufacturing and construction—there was persistent pressure on employment expectations, assessments of production constraints, profit margins, and export indicators. Nonetheless, the outlook regarding the overall business environment and competitive conditions showed signs of improvement. Signals from the manufacturing sector were mixed. While indicators for the electrical industry, as well as the wood, glass, stone, and earth segment, displayed signs of weakness, those related to machinery and equipment, the metal industry, and the paper and printing sectors reflected a more optimistic outlook.