Switzerland records moderate GDP growth

In the fourth quarter of 2025, Switzerland recorded moderate growth in the sports event-adjusted Gross Domestic Product (GDP) of 0.2%. This follows a decline of 0.4% in the previous quarter. The overall economic development stabilized towards the end of the year, with varying performances across sectors. Domestic demand proved to be a stabilizing factor.

Sector Development and Export Figures

The chemical-pharmaceutical industry was able to return with a growth of 1.9% after a significant decline in the previous quarter. This was accompanied by an increase in exports of chemical-pharmaceutical products. In contrast, the rest of the manufacturing sector experienced a decline in value added of 1.3%, indicating subdued revenue and export development. Overall, value added in the industrial sector stagnated with a decrease of 0.0%, while goods exports rose by 0.6% after declining in the two previous quarters.

Domestic final demand grew by 0.5%. Private consumption increased by 0.4%, supported by higher spending on clothing, shoes, housing, energy, and health. Construction investments also rose by 1.0%, attributed to increased activity in the building sector. This led to an increase in value added in the construction industry of 0.6%. Equipment investments also grew by 0.6%, mainly due to investments in research and development. Against the backdrop of robust domestic demand, imports rose by 2.7%.

Retail benefited from stable consumer demand, recording growth of 2.0%, which was reflected in an increase in value added in trade of 1.7%. The hospitality industry also benefited from a 1.1% increase in value added due to rising overnight stays from domestic and foreign guests. In contrast, value added in the transport sector declined by 0.8%, despite positive effects in passenger transport, which was due to a decrease in freight transport. Other service sectors, including financial services and business-related services, experienced weak or declining development. Overall, the growth of the service sector at 0.2% lagged behind the historical average, while service exports slightly decreased by 0.3%.

Annual Balance 2025

According to the provisional results available, the sports event-adjusted GDP grew by 1.4% in 2025, following 1.2% in the previous year. Unadjusted, GDP growth was 1.3%, compared to 1.4% in the previous year. Domestic demand was a key stabilizer of economic development, particularly due to solid growth in private consumption. In contrast, foreign trade dampened GDP growth, as exports increased only below average, while imports rose significantly.

For detailed results and further information on economic trends in spring 2026, as well as GDP figures for the fourth quarter and the entire year of 2025, the data can be accessed on the website of the State Secretariat for Economic Affairs (SECO): www.seco.admin.ch/bip