SNB forecasts slight improvement in Swiss economy for first quarter, says WTAQ News Talk | 97.5 FM · 1360 AM

In the first quarter of 2024, Switzerland’s economy likely showed improvement compared to previous quarters, according to the Swiss National Bank. The central bank noted that various economic indicators indicated a slightly more dynamic economic activity during this period.

The moderate economic growth in the first quarter was mainly driven by the service sector, which saw continued robust growth. On the other hand, manufacturing remained stagnant, with weak global demand and challenges regarding the Swiss franc exchange rate being noted as concerns in this sector. Companies in this sector are facing pressure on their margins due to limited pricing latitude.

The SNB, which recently reduced its key interest rate for the first time in nine years, stated that the business outlook is improving. Service sector firms are expecting continued robust growth, while manufacturing companies anticipate an increase in sales. Overall, the Swiss economy is showing signs of progress, with the service sector leading the way in driving economic growth.

By Sophia Gonzalez

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