| Imagery Source: Unsplash |
| Information Source: Federal News Service - the Portal of the Swiss Government |
| The State Secretariat for Economic Affairs (SECO) and the Federal Statistical Office (FSO) have conducted a benchmark revision of the GDP data in accordance with international recommendations. The economic interpretation of the data remains essentially unchanged. In the second quarter of 2025, the Swiss economy grew weakly, following above-average growth in the previous quarter. SECO is now publishing more detailed quarterly data for the value added of the manufacturing sector as well as for the transport and communications sectors. |
| The revised GDP data confirm that in the second quarter of 2025, Switzerland's sports event-adjusted GDP [1] grew slightly (+0.2%, before the revision: +0.1%). This follows the above-average growth of the previous quarter (+0.8%, before the revision: +0.7%) and thus represents the expected correction. |
| The Swiss economy was impacted in the second quarter by negative developments in industry and foreign trade. The chemical and pharmaceutical industry (−2.0%) experienced a significant decline. Value added also fell slightly in other sectors of the manufacturing industry (−0.2%). Foreign trade also declined: exports [2] (−3.4%) and imports [3] (−4.0%) both fell considerably. |
| In contrast, the domestic economy remained stable. Private consumption (+0.4%) developed solidly. Service sectors such as retail (+1.3%), hospitality (+1.4%), and transport (+1.9%) particularly benefited. Government consumption (+0.8%) recorded above-average growth, and consequently, the value added of public administration (+1.0%) increased. However, since investment declined overall (−0.8%), domestic final demand increased only slightly (+0.1%). |
| The “benchmark revision” systematically reviewed and harmonised historical time series, definitions, and data sources. Details are explained in a technical note [4]. In some cases, the historical data were significantly revised, particularly their absolute nominal levels, but less so their real development over time. The cyclical interpretation of the data remains essentially unchanged after the revision work, although significant revisions to the data can be observed in some individual cases. |
| Notice |
| The data and economic trends for autumn 2025, including further information on GDP in the second quarter, can be found at www.seco.admin.ch/bip. |
| [1] To facilitate the interpretation of the economic cycle, this communication presents real, seasonally adjusted and (where applicable) sports event-adjusted growth rates compared to the previous quarter. The sports event adjustment applies to: GDP, the "Arts, Entertainment, Recreation" sector, and service exports and imports. Further information on the sports event adjustment can be found at www.seco.admin.ch/bip under the "Documents" tab. GDP growth not adjusted for sports events: +0.2% in the second quarter of 2025 and +0.7% in the first quarter of 2025. |
| [2] Services and goods excluding valuables. Not adjusted for sporting events: −4.4%. |
| [3] Services and goods excluding valuables. Not adjusted for sporting events: −5.1%. |
| [4] « Revision 2025 of the National Accounts: Main changes and structural and cyclical effects », available at www.seco.admin.ch/bip. |
| For the full document, click the link below |
| Federal News Service - the Portal of the Swiss Government |
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