Swiss economy expected to show modest improvement in first quarter, according to SNB

Despite Challenges, Swiss Economy Showed Signs of Improvement in Q1 2024: SNB Report

The Swiss National Bank (SNB) has announced that the Swiss economy likely performed better in the first quarter of 2024 compared to previous quarters. In a report, the central bank stated that many economic indicators showed increased dynamism during this period.

Despite this positive outlook, challenges remain for the manufacturing sector. Companies in this sector are facing weak global demand and pressure on their profit margins due to the Swiss franc exchange rate. With limited pricing flexibility, they are experiencing pressure on their bottom line.

In contrast, the service sector was a major driver of moderate growth in the first quarter of 2024. While manufacturing remained stagnant, service sector firms expect continued strong growth and anticipate an increase in sales. The SNB believes that despite these challenges, overall economic conditions are showing signs of improvement.

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