SNB reports Swiss economy showing modest improvement in first quarter, according to WSAU News/Talk 550 AM · 99.9 FM

In the first quarter of 2024, Switzerland’s economy outperformed previous quarters, according to the Swiss National Bank. The central bank reported that several economic indicators suggest a more dynamic economic activity during this period.

In the final three months of 2023, the Swiss economy grew by 0.3% quarter-on-quarter. However, manufacturing remained stagnant while the service sector drove moderate economic growth in the first quarter of 2024. Global demand in manufacturing continued to be weak, and companies faced challenges due to the Swiss franc exchange rate.

Manufacturing companies mentioned that they had little room for pricing flexibility, putting pressure on their profit margins. In response to this challenge, the SNB recently cut its key interest rate for the first time in nine years and reported that the business outlook is improving. Service sector firms are expecting robust growth to continue, while manufacturing companies anticipate increases in sales.

By Sophia Gonzalez

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