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In the first quarter of 2024, Switzerland’s economy showed signs of improvement compared to previous quarters, according to the Swiss National Bank. The central bank reported that many economic indicators suggest a more dynamic economic activity during this period.

The Swiss economy grew by 0.3% quarter-on-quarter in the final three months of 2023. Despite this growth, manufacturing remained stagnant, with global demand remaining weak and companies 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.

In response to these challenges, 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. The SNB stated that many economic indicators suggest a more dynamic economic activity during this period, with manufacturing remaining stagnant and service sector firms driving growth.

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