SNB says Swiss economy probably showed some improvement in the first quarter

Weak Manufacturing but Robust Service Sector: Switzerland’s Economy in Q1 2024

In the first quarter of 2024, Switzerland’s economy showed signs of improvement compared to previous quarters. The Swiss National Bank (SNB) reported that economic activity was more dynamic during this period, with the service sector driving moderate growth while manufacturing remained stagnant. The economy had grown by 0.3% in the last quarter of 2023, and the SNB pointed out that weak global demand and exchange rate fluctuations were still concerning for manufacturers.

Despite these challenges, companies in the manufacturing sector were struggling with pricing flexibility, which was impacting their profit margins. Last week, the SNB made its first interest rate cut in nine years, which suggests that the central bank is taking steps to stimulate economic growth. Despite these efforts, however, manufacturers continue to face difficulties in pricing their products competitively.

The SNB’s report also noted that while manufacturing companies were anticipating growth in sales, they were still concerned about weak global demand and exchange rate fluctuations. The services sector, on the other hand, was expected to see continued robust growth in the coming quarters. Overall, the SNB’s report suggests that while there are still challenges facing Switzerland’s economy, various sectors are showing signs of improvement and indicating a positive trajectory for future growth.

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