SNB forecasts slight improvement in Swiss economy for first quarter, says WTAQ News Talk | 97.5 FM · 1360 AM

In the first quarter of 2024, Switzerland’s economy likely showed improvement compared to previous quarters, according to the Swiss National Bank (SNB). The central bank mentioned that various economic indicators indicated a slightly more dynamic economic activity during this period. Despite this progress, manufacturing remained stagnant while the service sector drove growth with continued robust expansion expected.

The SNB recently reduced its key interest rate for the first time in nine years, signaling an improving business outlook. Service sector firms are anticipating continued growth while manufacturing companies are looking forward to an increase in sales. Overall, the Swiss economy is showing signs of progress, with the service sector leading the way in driving economic growth.

In the final quarter of 2023, Switzerland’s economy saw a quarter-on-quarter growth of 0.3%. However, weak global demand and challenges regarding the Swiss franc exchange rate were noted as concerns in the manufacturing sector. Companies in this sector are facing pressure on their margins due to limited pricing latitude. Despite these challenges, the moderate economic growth in the first quarter was mainly driven by the service sector’s continued robust expansion.

By Riley Johnson

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