Swiss Economy Shows Signs of Improvement in First Quarter of 2024, Despite Challenges in Manufacturing Sector

SNB says Swiss economy probably showed some improvement in the first quarter

The Swiss National Bank has reported that the country’s economy showed signs of improvement in the first quarter of 2024, compared to previous quarters. Economic activity was more dynamic during this period, with the service sector driving moderate growth while manufacturing remained stagnant. Despite these challenges, companies in the manufacturing sector were struggling with pricing flexibility, which was impacting their profit margins.

Last week, the SNB made its first interest rate cut in nine years. Despite these difficulties, the central bank noted that the business outlook was improving. The services sector was expected to see continued robust growth, while manufacturing companies were anticipating growth in sales. The SNB’s report suggested that the Swiss economy was on a positive trajectory, with various sectors showing signs of improvement.

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