Swiss Economy Outperforms Previous Quarters, Boosted by Growth in Service Sector and Improved Business Outlook

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

In the first quarter of 2024, Switzerland’s economy likely outperformed previous quarters, according to the Swiss National Bank (SNB). Economic indicators showed increased dynamism during this period, as stated in a report by the central bank. Despite facing challenges due to weak global demand and the Swiss franc exchange rate, companies in the manufacturing sector are expected to experience continued strong growth.

The SNB attributed the moderate economic growth in the first quarter primarily to the service sector, which saw stagnant performance in manufacturing. Limited pricing flexibility is causing pressure on profit margins for these companies. However, with an improving business outlook following its decision to cut interest rates for the first time in nine years, service sector firms anticipate continued strong growth. Meanwhile, manufacturing companies expect an increase in sales. Despite these challenges, the overall economic situation is showing signs of improvement.

In the first quarter of 2024, Switzerland’s economy likely outperformed previous quarters, according to the Swiss National Bank (SNB). Economic indicators showed increased dynamism during this period, as stated in a report by the central bank. Despite facing challenges due to weak global demand and the Swiss franc exchange rate, companies in the manufacturing sector…

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