Swiss Economy Shows Signs of Improvement in First Quarter of 2024, Despite Challenges for Manufacturers

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

The Swiss economy showed signs of improvement in the first quarter of 2024, according to the Swiss National Bank. Despite the challenges faced by manufacturers, weak global demand and exchange rate fluctuations were still concerning for them. 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. Despite these challenges, the central bank noted that the business outlook was improving. The services sector was expected to see continued robust growth, while manufacturing companies were anticipating growth in sales.

The SNB’s report suggested that the Swiss economy was on a positive trajectory, with various sectors showing signs of improvement. The central bank pointed out that economic activity was more dynamic during this period, with moderate growth driven by the service sector while manufacturing remained stagnant. The economy had grown by 0.3% in the last quarter of 2023, indicating that this trend was continuing into 2024.

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