Swiss Economy Rebounds in First Quarter of 2024 Despite Challenges Faced by Manufacturing Sector

Swiss economy expected to show modest improvement in first quarter, according to SNB

The Swiss National Bank has stated that the Swiss economy likely performed better in the first quarter of 2024 compared to previous quarters. This is due to many economic indicators showing increased dynamism during this period, according to a report by the central bank.

In the last quarter of 2023, the Swiss economy saw a 0.3% quarter-on-quarter growth. However, 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.

The moderate economic growth in the first quarter was primarily driven by the service sector, while manufacturing remained stagnant. Despite these challenges, service sector firms expect continued strong growth, while manufacturing companies anticipate an increase in sales. The SNB believes that the overall economic situation is showing signs of improvement despite these difficulties faced by certain sectors.

Leave a Reply