Switzerland PMI March 2022


Switzerland: Manufacturing PMI rises in March; Services PMI ticks down

April 1, 2022

The Credit Suisse/procure.ch Manufacturing Purchasing Managers' Index (PMI) rose to 64.0 in March from February's 62.6. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month. The rise came amid stronger growth in new orders, output, and purchasing activity. Meanwhile, input price inflation accelerated, likely driven in part by the war in Ukraine. That said, hedging and energy purchases outside the wholesale market shielded many manufacturing firms from the full brunt of the spike in global energy prices.

The Services PMI came in at 61.1 in March, down from February’s 64.3, amid slower growth in business activity and new orders. That said, employment growth picked up. Finally, the purchase price and sales price subindexes were the highest on record.

FocusEconomics Consensus Forecast panelists expect the economy to expand 2.7% in 2022, which is down 0.3 percentage points from last month’s forecast. In 2023, the panel expects GDP to expand 1.8%.

Author:, Economist

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Switzerland PMI Chart

Switzerland PMI March 2022

Note: Credit Suisse and procure.ch Purchasing Managers’ Index (PMI). A reading above 50 indicates an expansion in business activity while a reading below 50 indicates a contraction.
Source: Credit Suisse and procure.ch.

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