Swiss economy rebounded slightly Q4 2025

The Swiss economy rebounded slightly at the end of last year Keystone-SDA

The Swiss economy regained some momentum in the fourth quarter of last year, with gross domestic product (GDP) up 0.2% on the previous three months.

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These were the findings of the State Secretariat for Economic Affairs (Seco) on Friday, confirming its initial estimate. Developments by sector were mixed, with domestic demand underpinning activity.

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Economists were expecting Swiss GDP to grow by between 0.1% and 0.4% in the final quarter, according to the AWP agency.

In the third quarter of 2025, the Swiss economy was weighed down by a sharp decline in the chemicals and pharmaceuticals industries as a result of customs duties, causing GDP (adjusted for sporting events) to contract by -0.4%, against a Seco estimate of -0.5%. Growth was 0.2% in the 2nd quarter.

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Over the year as a whole, however, the Swiss economy grew by 1.4%, after 1.2% the previous year and 1.3% in 2023. As in the last quarter, domestic demand underpinned growth, thanks to the solid expansion of private consumption. At the same time, foreign trade held back GDP growth, with exports posting below-average growth, while imports rose sharply.

After a marked dip between July and the end of September, the chemicals and pharmaceuticals industry returned to moderate growth (+1.9%), against a backdrop of rising exports. Sluggish sales and exports, however, effected other branches of manufacturing industry that suffered a -1.3% decline in value added.

Overall, value added in the industrial sector stagnated, while exports of goods rebounded slightly (+0.6%) after two consecutive quarters of decline. Final domestic demand (+0.5%) played a stabilising role. Private consumption once again posted solid growth (+0.4%), particularly purchases of clothing and footwear, as well as spending on housing, energy and health.

In addition, investment in construction (+1.0%) rose significantly as a result of the expansion in building activity, pushing up value creation in the construction sector (+0.6%). Spending on capital goods also rose (+0.6%), driven primarily by investment in research and development. On the back of buoyant domestic demand, imports rose overall (+2.7%).

Adapted from French by AI/mga

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