Sun. Jun 16th, 2024
Swiss economy expected to show modest improvement in first quarter, according to SNB

The Swiss National Bank reported that Switzerland’s economy is likely to have performed better in the first quarter of 2024 compared to previous quarters. According to a report, many economic indicators showed increased dynamism during this period. In the last quarter of 2023, the Swiss economy saw a 0.3% quarter-on-quarter growth.

The SNB stated that the moderate economic growth in the first quarter was primarily driven by the service sector, while manufacturing remained stagnant. Companies in the manufacturing sector are facing challenges due to weak global demand and the Swiss franc exchange rate. With limited pricing flexibility, these companies are experiencing pressure on their profit margins.

Following its decision to cut interest rates for the first time in nine years, the SNB also mentioned an improving business outlook. Service sector firms expect continued strong growth, while manufacturing companies anticipate an increase in sales. The central bank believes that despite the challenges faced by the manufacturing sector, overall economic situation is showing signs of improvement.

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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