Stability tinged with doubts about the future KOF report

The data gathered within the framework of the cyclical survey conducted by the Côté. Similarly, de Contitaire (KOF) Center for ETH Zurich reveal that the planning offices are overall satisfied with their current economic situation. Nevertheless, If the request has lost in force in the last three months. Similarly, the services provided and the order books have however changed somewhat more favorably than before. In addition, The fact remains that in the third quarter of 2025. Nevertheless, 27 % of offices cite too low demand among the brakes on their activity, one more point than in the last quarter. Meanwhile, In parallel, the envelopes of newly concluded contracts reveal a significantly lower progression than in the previous quarter. However, The shortage of labor remains topical, since half of the offices continue to say affected.

Fortunately, the prospects for the next few months bear stability tinged doubts about future witness to a slight renewed optimism. Furthermore, Currently, the offices are more likely to plan to improve their business in the next six months, or 14 %. Meanwhile, On the other hand, 80 % expect no change, and 6 % even fear degradation. Meanwhile, The recent evolution of demand has proven to be relatively shy. Consequently, but planning offices are nevertheless reinforcing a strengthening in the next three months. In addition, the forecasts for increasing the workforce are slightly higher than in the previous quarter. On the other hand, caution remains in question with regard to the beneficiary situation.

More pessimistic architects

Compared to April, architectural offices are slightly more satisfied with their current economic situation. On the other hand, the demand and the control books have slowed somewhat after having evolved favorably. This did not discourage offices. evidenced by these figures: in July, 19 % announced that they had stability tinged doubts about future increased their human resources, 69 % maintained them while almost 13 % expressed a decrease. The shortage of labor persists and affects 43 % of the architectural offices which say they are hampered in their activity.

Overall. their prospects darken significantly, even if they have not revised their expectations relating to the march of their business over the next six months. Indeed. they are more pessimistic about the evolution of demand in the next three months, and logically display decreased expectations relating to the provision of services. This deduction is also reflected in their forecasts relating to prices: only 7 % believe that they will increase. 87 % think that they will maintain themselves and 5 % even fear a drop.

Light embellished among engineers

Compared in April, engineering offices consider their economic situation slightly less good. However. they indicated that the evolution of the demand and the control stability tinged doubts about future diaries remained stable, and that the provision of services even progressed. It is at the level of their beneficiary situation that the rub: the engineering offices are again more numerous. to have recorded a degradation of their income than an improvement during the previous quarter.

Despite a hardly dynamic evolution in recent months. the prospects of the engineers have cleared up clearly, attest to their forecasts relating to demand, the provision of services or their income. Prices constitute a downside. however, since the prospects for an increase in the next three months fall asleep: currently, only 9 % of the offices expect an increase, while 86 % estimate that they will maintain themselves and that 5 % expect a drop.

US customs: to a drop in gross domestic product?

At the end of July, the KOF announced a clear improvement in Swiss cyclical perspectives. Concretely: the KOF cyclical stability tinged doubts about future barometer had increased significantly in July, testifying to an upturn in the Swiss economy. The joy was however short -lived. since the 1^is August, the US government announced 39 % customs duties on Swiss imports, with entry into force on August 7, 2025.

The negotiations immediately committed have remained unsuccessful, and these taxes will therefore apply, with heavy consequences for our economy. In its press release published on 1^is August (available in German only. editor’s note), the KOF provided for a reduction in gross domestic product (GDP) from 0.3 % to 0.6 % annual, depending on commercial reorientations and time horizon. Particularly affected. export -oriented branches, such as the machinery, electrical equipment and metals, as well as the food and watchmaking sectors will find it difficult to maintain their competitiveness and their income. This would also affect the employment. with the key to the cuts of posts, the cantonal stability tinged doubts about future bank of Zurich was thus alarmed on August 4, 2025. For the Trading newspaperit is now up to Switzerland to face by focusing on its assets. as well as in fully exploiting its economic potential and its innovation force. According to the economic weekly. the time has come to remove the regulatory and financial brakes that weigh on companies in order to preserve growth, and, in fineto strengthen the attractiveness of the country in an increasingly difficult context.

This article is based on data from the Center for Conditional Research (KOF) of ETH Zurich. It is completed by the author’s economic lighting, Susanne Schnell, communication specialist and public affairs/content manager SIA (susanne.schnell [at] sia.ch (susanne[dot]fast[at]is[dot]ch)).