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SNB forecasts slight improvement in Swiss economy for first quarter, says WTAQ News Talk | 97.5 FM · 1360 AM

The Swiss economy is showing signs of improvement in the first quarter of 2024, according to the Swiss National Bank (SNB). The central bank noted that various economic indicators indicated a slightly more dynamic economic activity during this period. In the final quarter of 2023, the Swiss economy saw a quarter-on-quarter growth of 0.3%.

The SNB reported that the moderate economic growth in the first quarter was mainly driven by the service sector, while manufacturing remained stagnant. Weak global demand and challenges regarding the Swiss franc exchange rate were noted as concerns in the manufacturing sector. Companies in this sector are facing pressure on their margins due to limited pricing latitude.

Despite these challenges, service sector firms are expecting continued robust growth, while manufacturing companies anticipate an increase in sales. The SNB recently reduced its key interest rate for the first time in nine years and stated that the business outlook is improving. Overall, with the service sector leading the way, it seems like Switzerland’s economy is making progress towards recovery from its recent sluggishness.

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