Switzerland’s industrial output shrinks 3.1% in Q1

Swiss industrial production was reported to have shrunk 3.1% during the first quarter of 2024 from a year earlier, following a revised up 0.5% drop in the prior three-month period.

In Q1, mining & quarrying output contracted 1.2% year-on-year, following a 1.8% surge in last year’s final quarter.

In addition, Swiss manufacturing output continued to decrease, by 4% year-on-year after another 1.8% slump in Q4 of 2023.

Also, production growth slowed substantially for electricity supply during the quarter (6.6% YoY compared to 15.8% YoY in Q4).

In quarter-on-quarter terms, the country’s industrial production shrank 1% in Q1 of 2024 after a revised 1.1% drop in the prior quarter, data by the Swiss Federal Statistical Office showed.

The Swiss Franc was 0.20% weaker on the day against the US Dollar, with the USD/CHF currency pair last trading at 0.9079.