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

Switzerland’s Economy Rebounds in Q1 2024, Thanks to Strong Service Sector

In the first quarter of 2024, Switzerland’s economy likely improved compared to previous quarters, according to the Swiss National Bank (SNB). The central bank noted that various economic indicators pointed towards a slightly more dynamic economic activity during this period.

In the final quarter of 2023, the Swiss economy saw a quarter-on-quarter growth of 0.3%. The SNB attributed this growth mainly to the service sector, while manufacturing remained stagnant. 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.

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

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