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

Switzerland’s Economy to Perform Slightly Better in First Quarter of 2024, Driven by Service Sector

According to the Swiss National Bank, the Swiss economy is expected to perform slightly better in the January-March period compared to previous quarters. Economic indicators suggest a more dynamic economic activity in the first quarter of 2024. In the final three months of 2023, Switzerland’s economy grew by 0.3% quarter-on-quarter.

The SNB stated that the moderate economic growth during this period was mainly driven by the service sector, while manufacturing remained stagnant. Weak global demand and challenges related to the Swiss franc exchange rate were highlighted as concerns for manufacturing companies. These companies are facing pressure on their margins due to pricing issues.

In recent years, the central bank has cut its key interest rate for the first time in nine years, indicating an improving business outlook. Service sector firms are anticipating robust growth to continue, while manufacturing companies are expecting an increase in sales. This positive outlook suggests a potential improvement in economic conditions for Switzerland in the near future.

Overall, despite some concerns for manufacturers, there are signs of optimism for Switzerland’s economy heading into 2024. The SNB’s report highlights that economic growth will continue to be driven by services rather than manufacturing, but with improved demand and pricing conditions for businesses, it could lead to a more positive outlook for both sectors moving forward.

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