Swiss Economy Beats Expectations in Q1 2024, But Manufacturing Stays Stagnant

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 noted that many economic indicators suggested a more active economic activity during this period.

Despite moderate growth in the first quarter of 2024, manufacturing remained stagnant while service sector activity surged. Global demand for manufactured goods remained weak and companies faced challenges due to the Swiss franc exchange rate. Many manufacturers mentioned that they had limited pricing flexibility, which put pressure on their profit margins.

In response to the weak manufacturing sector, the SNB cut its key interest rate for the first time in nine years. The business outlook is improving as a result of this decision, and service sector firms are anticipating continued growth. However, manufacturing companies are still facing challenges in terms of sales increases.

Sophia Reynolds

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