Bounded between zero and one, the CREA Swiss Weakness Index (SWI) can be interpreted as the share of cantons facing recession in a given month over the period starting in January 1990. A value close to zero indicates low weakness in the Swiss economy since virtually no canton is in recession. On the other hand, when all cantons are facing a recession, the SWI takes the value one, indicating high weakness in the Swiss economy. The black dashed lines represent peak months identified by the OECD (discontinued as of January 2023), while the blue dotted lines indicate trough months. Note that the SWI is calculated using the CREA Business Cycle Indexes as underlying data and a Markov-switching model with heterogeneous recessions and expansions.