According to the Swiss National Bank, Switzerland’s economy performed slightly better in the first quarter of 2024 compared to the previous quarters. The central bank reported that many economic indicators suggest a more dynamic economic activity during this period.
During the final three months of 2023, the Swiss economy grew by 0.3% quarter-on-quarter. The SNB stated that the moderate economic growth in the first quarter of 2024 was mainly driven by the service sector, while manufacturing remained stagnant. Global demand in manufacturing continued to be weak, and companies were facing challenges due to the Swiss franc exchange rate.
Manufacturing companies mentioned that they had little room for pricing flexibility, putting pressure on their profit margins. The SNB recently cut its key interest rate for the first time in nine years and reported that the business outlook is improving. Service sector firms are expecting robust growth to continue, while manufacturing companies anticipate increases in sales.
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