Q1/2024 check-up: how the Swiss economy is faring
Inflation is nearly under control but some manufacturers are down in the dumps – these are the sector-by-sector highlights of the Swiss economy for the first three months of 2024. 1) Inflation slows but growth remains sluggish Experts at the State Secretariat for Economic Affairs (SECO) are still forecasting weak growth for 2024, with gross domestic product expected to rise by 1.1%. “Until recently, the world economy presented a very mixed picture,” SECO wrote in mid-March. Sign up for our weekly newsletters on the Swiss economy and other issues. While growth is solid in the United States and China, it has stagnated in the eurozone, and even fallen in Germany, Swiss exporters’ biggest customer. Growth in the eurozone is likely to remain modest over the coming months, continuing to slow down Swiss exports. The Swiss National Bank (SNB), meanwhile, caused a stir by cutting its key interest rate to 1.5% on March 21, down from 1.75%. Inflation in Switzerland has fallen steadily in ...