Switzerland’s Economy Rebounds in Q1, Boosted by the Service Sector

By Eleanor Harrison Mar27,2024
Swiss economy shows signs of improvement in first quarter, according to SNB | WTAQ News Talk | 97.5 FM · 1360 AM

Switzerland’s economy likely experienced a slight improvement during the first quarter of 2024 compared to previous quarters, according to the Swiss National Bank (SNB). The central bank noted that many economic indicators pointed towards slightly more dynamic economic activity during this period.

In terms of manufacturing, the SNB expressed concern over weak global demand and the challenges posed by the Swiss franc exchange rate. Companies in this sector are facing pressure on margins due to limited pricing flexibility. Despite these challenges, service sector firms are expecting continued robust growth, while manufacturing companies anticipate an increase in sales.

The SNB cut its key interest rate for the first time in nine years last week, which may help stimulate business growth. The central bank is closely monitoring key economic indicators to assess the country’s economic performance and ensure sustainable growth in the future.

By Eleanor Harrison

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