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Q3/2021 – Business cycle signals: SNB regional network

The Swiss economy continued to recover in the third quarter. Turnover increased both in the services sector and in manufacturing and construction.

Despite the positive development, infrastructure utilisation remains low, especially in the services sector. The fact that international travel is still subject to major restrictions is having a hindering effect. Utilisation in manufacturing, on the other hand, is slightly higher than average, underpinned by robust global economic demand. Utilisation in the construction sector is described as normal.

Procurement bottlenecks, already seen as a major challenge last quarter, have continued to become more pronounced, becoming more widespread and increasingly leading to restrictions and delays in production.

The margin situation remains unchanged overall. While the impact of increasing turnover is positive, profitability is being curbed by higher purchase prices and less efficient production processes owing to delivery delays.

Companies report staff numbers as being on the low side, and intend to take on more personnel in the coming quarters. Growing demand for labour is reflected in increasing difficulties when it comes to hiring.

Companies anticipate continued improvement in business activity in the coming two quarters. The further course  of the pandemic remains a major source of uncertainty.

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Permanent link to this article: https://snbchf.com/2021/09/policy-2021-29-3-2021-business-cycle-signals-snb-regional-network/

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