Swiss Economy Shows Slight Improvement in First Quarter of 2024, Service Sector Drives Growth

SNB reports Swiss economy probably grew slightly in the first quarter

Switzerland’s economy likely showed slightly better performance in the first quarter of 2024 compared to previous quarters, according to the Swiss National Bank (SNB). The central bank stated in a report that many economic indicators suggest that economic activity was more dynamic during this period.

In the final three months of 2023, the Swiss economy grew by 0.3% quarter-on-quarter. The SNB noted that moderate economic growth in the first quarter was mainly driven by the service sector, while manufacturing remained stagnant. Weak global demand and challenges related to the Swiss franc exchange rate were cited as concerns for manufacturing companies.

Manufacturers are facing pressure on their margins due to the lack of pricing latitude. The SNB recently cut its key interest rate for the first time in nine years and mentioned that the business outlook is improving. Service sector firms are expecting robust growth to continue, while manufacturing companies anticipate sales increases in the future.

Sophia Reynolds

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