Switzerland’s Economy Bounces Back: Services Drive Moderate Growth While Manufacturing Remains Stagnant

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

The Swiss National Bank reported that Switzerland’s economy showed signs of improvement in the first quarter of 2024 compared to previous quarters. Despite manufacturing remaining stagnant, the service sector was driving moderate growth. In the last quarter of 2023, the economy grew by 0.3%, and the SNB pointed out that weak global demand and exchange rate fluctuations were still concerning for manufacturers. However, 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 Swiss National Bank reported that Switzerland’s economy showed signs of improvement in the first quarter of 2024 compared to previous quarters. Despite manufacturing remaining stagnant, the service sector was driving moderate growth. In the last quarter of 2023, the economy grew by 0.3%, and the SNB pointed out that weak global demand and exchange…

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