• Sat. Jun 8th, 2024

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

Byeditor

Mar 27, 2024

According to the Swiss National Bank, Switzerland’s economy showed signs of improvement in the first quarter of 2024 compared to previous quarters. The central bank reported that economic activity was more dynamic during this period, with the service sector driving moderate growth while manufacturing remained stagnant. The economy had grown by 0.3% in the last quarter of 2023, and the SNB pointed out that weak global demand and exchange rate fluctuations were still concerning for manufacturers. 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 the challenges faced by manufacturers, 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.

By editor

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