Swiss Economy Expected to Show Improvement in First Quarter, According to SNB

Switzerland’s economy is expected to have performed better in the first quarter of 2024 compared to previous quarters, according to the Swiss National Bank. This optimism is based on several economic indicators that suggest slightly more dynamic economic activity during this period. In the last quarter of 2023, the Swiss economy grew by just 0.3% quarter-on-quarter.

The SNB attributed moderate economic growth in the first quarter to the service sector, which continued to show strength, while manufacturing stagnated. Weak global demand and challenges related to the Swiss franc exchange rate were identified as key concerns for manufacturers. Companies in this sector are struggling with limited pricing flexibility, putting pressure on their profit margins.

To boost economic growth, the SNB recently cut its key interest rates for the first time in nine years. This move was seen as a signal of a focus on improving business conditions in Switzerland. The services sector firms are anticipating robust growth to continue, while manufacturing companies are expecting increased sales. The central bank’s report suggests a cautiously optimistic view of Switzerland’s economic performance in the first quarter of 2024.

By Riley Johnson

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