(12.04.2023) The Swiss economy has gained momentum in early spring. After a lackluster start to 2023, the Raiffeisen PMI SME index has risen by 1.9 points to 51.6, above the growth threshold and at its highest level since August 2022.
Despite the economic challenges at the beginning of 2023, the European economy has proven to be more resilient than expected. This appears to be benefitting Swiss SMEs as it has led to an upward trend in their order books, reversing the previous decline. The corresponding sub-component has grown for the second time in a row and now stands at 53.2 (+2 points), its highest level since spring 2022.
In addition, supply chains have significantly eased, thereby reducing delivery times. The corresponding subcomponent declined to 46.7 (-2.7 points) from 59.9 in January 2023. Taking advantage of the end of bottlenecks, SMEs also took advantage of lower purchase prices to replenish their inventories and protect themselves from further supply chain tensions. As a result, the merchandise inventories subcomponent has jumped 10.7 points since February to 59.1.
However, current economic forecasts for 2023 predict weak growth in Switzerland (1%) and the US (0.5%), as well as stagnation in the Eurozone. SMEs are therefore showing reluctance to hire. As a result, the employment sub-component has remained relatively stable with a 3-point range of around 50 since December 2022 and has not changed between February and March 2023.
Last modification 12.04.2023
