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

In the first quarter of 2024, Switzerland’s economy is likely to have performed better than in previous quarters, according to the Swiss National Bank (SNB). Many economic indicators suggest that there was slightly more dynamic economic activity during this period. In the last quarter of 2023, Switzerland’s economy grew by 0.3% quarter-on-quarter.

The SNB notes that moderate growth in the first quarter was mainly driven by the service sector, while manufacturing continued to stagnate. Weak global demand and challenges related to the Swiss franc exchange rate were identified as concerns for manufacturers. Companies in the manufacturing sector are struggling with limited pricing flexibility, putting pressure on their profit margins.

In an effort to improve the business outlook, the SNB recently cut key interest rates for the first time in nine years. The services sector firms are expecting robust growth to continue, while manufacturing companies are anticipating increased sales. The SNB’s report suggests a cautiously optimistic view of Switzerland’s economic performance in the first quarter of 2024.

By Samantha Johnson

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