Economy rebounds in Q4 2025

Mild rebound recorded: Switzerland's GDP grew 0.1% on a seasonally adjusted quarter-on-quarter basis in Q4, following a 0.4% contraction in the previous quarter. Adjusting for sporting events—which frequently skew Swiss GDP data due to the country hosting several major global sports organizations—the economy expanded 0.2%. The key chemical and pharmaceutical industry—worth half of goods exports and 7% of GDP—rebounded notably after a tariff-induced decline in Q3. Private spending and investment in construction and R&D were also important drivers of the Q4 economic expansion. In contrast, net exports were a significant drag due to stronger imports and softer service exports.

Broad-based improvement: Compared with the previous period's data, readings in Q4 improved for government consumption (-0.1% on a seasonally adjusted quarter-on-quarter basis vs -0.2% in Q3), fixed investment (+0.7% vs 0.0% in Q3) and imports of goods and services (+1.7% vs +1.4% in Q3). In contrast, the reading for exports of goods and services worsened in Q4 (+0.6% vs +1.1% in Q3). Finally, the variation in private consumption was the same as in the prior quarter (+0.4% in Q4 and Q3).

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