The Swiss economy showed signs of improvement in the first quarter of 2024, according to the SNB. While economic indicators indicate somewhat more dynamic activity compared to previous quarters, the growth rate was moderate, with the service sector driving most of it. Production remained stagnant in the last quarter of 2023, with companies facing pressure on their margins due to limited price range.

The SNB recently reduced the key interest rate for the first time in nine years, signaling improving business prospects. The service sector is expected to continue strong growth, while manufacturing companies anticipate sales to increase. Companies in this sector have been facing challenges related to weak global demand and difficulties with exchange rates involving the Swiss franc.

Despite these challenges, the SNB stated that economic indicators suggest some improvements in economic activity during the first quarter of 2024. Overall, progress is being made, with the service sector leading the way and driving economic growth in Switzerland.

By Samantha Johnson

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