Swiss economy reportedly saw a slight improvement in the first quarter, according to SNB

According to the Swiss National Bank, the Swiss economy is forecasted to have performed slightly better than in previous quarters during the January-March period. Many economic indicators suggest a more dynamic economic activity in the first quarter of 2024.

The final three months of 2023 saw the Swiss economy grow by 0.3% quarter-on-quarter. The SNB stated that this moderate growth was mainly driven by the service sector, while manufacturing remained stagnant. Companies in manufacturing are struggling with pricing and facing pressure on their margins due to weak global demand and challenges related to the Swiss franc exchange rate.

Despite these challenges, the central bank recently cut its key interest rate for the first time in nine years, indicating an improving business outlook. Service sector firms are expecting robust growth to continue, while manufacturing companies are anticipating an increase in sales. This positive outlook indicates a potential improvement in economic conditions for Switzerland in the near future.

By Sophia Gonzalez

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