Swiss economy reportedly saw a slight improvement in the first quarter, according to SNB

The Swiss National Bank forecasts that the economy will perform slightly better in the January-March period compared to previous quarters, according to a recent report. The central bank stated that many economic indicators suggest a more dynamic economic activity in the first quarter of 2024.

The Swiss economy grew by 0.3% quarter-on-quarter in the final three months of 2023. While manufacturing remained stagnant, the service sector was responsible for driving moderate economic growth during this period. Weak global demand and challenges related to the Swiss franc exchange rate were highlighted as concerns for the manufacturing sector. Companies in manufacturing are facing pressure on their margins and struggling with pricing.

In recent news, the central bank cut its key interest rate for the first time in nine years. Despite this decision, companies in manufacturing are still anticipating an increase in sales due to their positive outlook on business conditions. Service sector firms expect robust growth to continue, indicating a potential improvement in economic conditions for Switzerland in the near future.

Overall, despite some concerns related to manufacturing, Switzerland’s economy is expected to perform better than usual during the January-March period thanks to moderate growth driven by the service sector and favorable business outlooks among service sector firms.

By Samantha Johnson

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