• Tue. May 28th, 2024

Swiss Economy Expects Moderate Growth in First Quarter of 2024, Service Sector Drives Demand

BySamantha Nguyen

Mar 27, 2024
Swiss economy reportedly saw a slight improvement in the first quarter, according to SNB

The Swiss economy is expected to have performed slightly better than in previous quarters during the January-March period, according to the Swiss National Bank. The central bank stated in a report that many economic indicators suggest a more dynamic economic activity in the first quarter of 2024. In the final three months of 2023, the Swiss economy grew by 0.3% quarter-on-quarter.

Despite moderate growth in the first quarter, manufacturing remained stagnant while service sector growth was driven by strong demand. Weak global demand and challenges related to the Swiss franc exchange rate were highlighted as concerns for the manufacturing sector. Companies in manufacturing are struggling with pricing and facing pressure on their margins.

The central bank recently cut its key interest rate for the first time in nine years and reported that business outlook is improving. Service sector firms are anticipating robust growth to continue, while manufacturing companies are looking forward to an increase in sales. This positive outlook indicates potential improvement in economic conditions for Switzerland in the near future.

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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