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Swiss Economy Expected to Show Improvement in First Quarter, According to SNB

In the first quarter of 2024, Switzerland’s economy is expected to perform better than in previous quarters, according to a report by the Swiss National Bank (SNB). The central bank mentioned that several economic indicators point to slightly more dynamic economic activity during this period. In the last quarter of 2023, the Swiss economy grew by just 0.3% quarter-on-quarter.

Despite moderate growth in the first quarter, manufacturing continues to stagnate. The SNB noted that weak global demand and challenges related to the Swiss franc exchange rate were major concerns for manufacturers. Companies in the manufacturing sector are struggling with limited pricing flexibility, putting pressure on their profit margins.

The recent cut in key interest rates by the SNB, which was the first in nine years, indicates a focus on improving the business outlook. The services sector firms are expecting robust growth to continue, while manufacturing companies are anticipating increased sales. According to the SNB’s report, a cautiously optimistic view of Switzerland’s economic performance is likely in the first quarter of 2024.

By Samantha Jones

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