Gross domestic product in the fourth quarter of 2025: Swiss economy grows slightly
Bern, 27.02.2026 — In the fourth quarter of 2025, Switzerland's GDP adjusted for sporting events grew by 0.2%, following a fall of 0.4% in the previous quarter.[1],[2] This stabilised overall economic development at the end of the year. Performance varied across sectors. Economic activity was supported by domestic demand.
The chemical and pharmaceutical industry (+1.9%) returned to moderate growth after the sharp decline in the previous quarter, accompanied by an increase in exports of chemical and pharmaceutical products. In contrast, the rest of manufacturing (−1.3%) recorded a drop in value added as a result of subdued sales and export performance. Overall, value added in the industrial sector stagnated (−0.0%), and goods exports[3] (+0.6%) rose slightly after two quarters of decline.
Domestic final demand (+0.5%) had a stabilising effect. Private consumption (+0.4%) once again grew solidly: in addition to purchases of clothing and shoes, spending increased on housing and energy as well as on healthcare. Furthermore, construction investment (+1.0%) recorded significant growth in light of increased activity in building construction. Value added in construction (+0.6%) increased accordingly. Investment in equipment (+0.6%) also increased, mainly supported by investment in research and development. Against the backdrop of broadly robust domestic demand, imports[4] (+2.7%) increased overall.
Retail (+2.0%) in particular benefited from stable consumer demand, which was reflected in an overall increase in value added in trade (+1.7%). In light of rising overnight stays by domestic and foreign guests, the accommodation and food services sector (+1.1%) also recorded an increase in value added. Despite the supportive effects of passenger transport, value added in the transport sector (−0.8%) fell due to the decline in freight transport. The other service sectors, such as financial services (−0.6%), business-related services (−0.3%) and public administration (+0.2%), recorded weak or negative results. Overall, growth in the services sector (+0.2%) remained below its historical average. In line with this, service exports[5] (−0.3%) fell slightly.
Detailed results for 2025
According to the provisional results available, GDP in 2025 (adjusted for sporting events) grew by 1.4%, compared with 1.2% the previous year.[6] Unadjusted, this results in GDP growth of 1.3% in 2025, compared to 1.4% in the previous year.
Domestic demand supported economic activity, largely driven by solid growth in private consumption. In contrast, foreign trade slowed GDP growth, as exports grew at a below-average rate while imports rose significantly.
Note
The relevant data and the spring 2026 edition of Konjunkturtendenzen (Economic situation in Switzerland), which contains further information on GDP in the fourth quarter and on GDP for the whole of 2025, can be found at www.seco.admin.ch/gdp.
[1] Unchanged since the ‘GDP flash’ published approximately 45 days after the end of the quarter (+0.2%).
[2] To facilitate cyclical interpretation, this press release provides quarter-on-quarter growth rates in real terms, seasonally adjusted and (where applicable) adjusted for sporting events. Adjustments for sporting events apply to GDP, the arts, entertainment and recreation sector, and exports and imports of services. Further details on the adjustment for sporting events can be found at www.seco.admin.ch/gdp under ‘Documents’. GDP growth not adjusted for sporting events: +0.1% in the fourth quarter of 2025 and −0.4% in the third quarter of 2025.
[3] Excluding valuables. Excluding transit trade, the growth in goods exports is more pronounced at +2.6%.
[4] Excluding valuables, not adjusted for sporting events: +1.3%.
[5] Not adjusted for sporting events: −4.0%.
[6] Seasonally and calendar adjusted. Unchanged compared to the annual growth calculated on the basis of the GDP flash figure of 17 February 2026.