Key Facts
• On August 28, 2025, Switzerland’s Q2 GDP grew 0.1% quarter-on-quarter.
• The data was seasonally adjusted and accounted for sports events.
• Manufacturing and exports hindered growth, while the service sector showed broad expansion.
• Q1 GDP was revised down to 0.7% from the previously reported 0.8%.
• U.S. tariffs are expected to weigh on Switzerland’s economic growth in 2026.
Summary
Switzerland’s economy showed minimal growth in the second quarter of 2025, with GDP increasing by just 0.1% compared to the previous quarter. The Swiss Ministry of Economic Affairs highlighted that manufacturing and exports acted as drags on growth, while the service sector demonstrated robust expansion. The first quarter’s GDP growth was revised down to 0.7%, partly due to a surge in exports ahead of anticipated U.S. tariffs. Looking ahead, the ministry warned that U.S. tariffs could significantly impact Switzerland’s economic growth in 2026.
