Swiss economy expected to have improved moderately in first quarter, according to SNB
Economy

Switzerland’s Economy Expects Moderate Growth in Q1 2024, Driven by Service Sector

Switzerland’s economy is projected to have performed slightly better in the January-March period compared to previous quarters, according to the Swiss National Bank. Many economic indicators point towards a more dynamic first quarter of 2024, with moderate growth driven primarily by the service sector.

In contrast, manufacturing continued to stagnate during this period, with weak global demand and challenges due to the Swiss franc exchange rate being major concerns for companies. This has led to pressure on their margins as they struggle with pricing. In response, the SNB recently cut its key interest rate for the first time in nine years.

Despite these challenges, there are signs of improvement in the business outlook. Services sector firms are expecting robust growth to continue, while manufacturing companies anticipate increases in sales. The SNB remains optimistic about Switzerland’s economic prospects and is closely monitoring developments in both sectors.

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