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Quarterly Bulletin 1/2022 – Monetary policy report

March 31, 2022

Report for the attention of the Governing Board of the Swiss National Bank for its quarterly assessment of March 2022
The report describes economic and monetary developments in Switzerland and explains the inflation forecast. It shows how the SNB views the economic situation and the implications for monetary policy it draws from this assessment. The first section (‘Monetary policy decision of 24 March 2022’) is an excerpt from the press release published following the assessment.
This report is based on the data and information available as at 24 March 2022. Unless otherwise stated, all rates of change from the previous period are based on seasonally adjusted data and are annualised.
Swiss National Bank retains expansionary monetary policy
The SNB is retaining its

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2022-03-30 – 1/2022 – Business cycle signals: SNB regional network

March 31, 2022

First quarter of 2022
Report submitted to the Governing Board of the Swiss National Bank for its quarterly 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 241 company talks were conducted between 18 January and 8 March.
Key points
• Companies saw turnover growth continue in the first quarter at only slightly slower pace. The slight weakening was primarily due to those companies in the services sector directly affected by the consequences of the spread of the Omicron variant. The robust increases in turnover in manufacturing continued.
• Only a few

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Q3/2021 – Business cycle signals: SNB regional network

September 29, 2021

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

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