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Business cycle signals: SNB regional network – Q3/2022

Third quarter of 2022

Report submitted to the Governing Board of the Swiss National Bank for its quarterly monetary policy assessment.

The appraisals presented here are based on discussions between the SNB’s delegates for regional economic relations and company managers throughout Switzerland. In its evaluation, the SNB aggregates and interprets the information received. A total of 209 company talks were conducted between 19 July and 6 September.

Key points

  • Turnover growth weakened in the third quarter but remained positive. Momentum slowed primarily in the services sector, which in the previous quarter had still been benefiting from catch-up effects following the lifting of coronavirus measures. A slight weakening in growth has also been evident in the construction sector. Turnover growth in manufacturing has remained stable at an average level.
  • Companies expect turnover to increase in the coming quarters as well. However, the outlook is subject to many uncertainties. Geopolitical flashpoints could affect the availability of energy and again aggravate the procurement situation. Moreover, given the recent appreciation of the Swiss franc, exchange rate developments are once again increasingly being viewed with concern.
  • Despite the positive development in turnover, companies are observing a deterioration in their margin situation. Rising purchase prices, especially for energy, cannot always be fully passed through to sales prices.
  • Staff shortages are intensifying and recruitment difficulties are rated as the biggest challenge by many companies. The tight labour market and elevated inflation are leading to higher wage demands


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