Swiss economy Q2 2026: +5.3% turnover, +2% employment (cross-border guide)

Context

In Brief

• In Q2 2026, turnover +5.3%, employment +2.0% in Swiss sectors
• Tertiary (services) leads with +8.5% revenue; trade +12.2%
• Energy sector expands employment (+2.4%) but production declines (-2.0%)

Key Facts

• What: Economic and employment growth in Swiss market sectors
• When: Second quarter 2026 (press release September 8, 2026)
• Where: Swiss market sectors at national level
• Who: FSO (Federal Statistical Office), FEO (Energy)
• Amount: +5.3% turnover, +2.0% overall employment

Broad-based Growth in Q2 2026

In the second quarter of 2026, Switzerland's market-oriented economic sectors showed broad-based expansion. According to FSO data, turnover increased by 5.3% compared to the same quarter in 2025, while employment grew by 2.0% — in line with the increase in total national employment.

The secondary sector (industry and construction) recorded more modest growth: turnover advanced by 0.4% and employment by 1.2%. Within it, industry experienced a slight contraction in turnover (-0.3%), while employment in this sector grew by 0.9%. Construction, by contrast, showed dynamism: turnover increased by 3.1% and employment by 1.7%.

The tertiary sector (services) led overall growth, with turnover up 8.5% and employment up 2.4% compared to Q2 2025.

Trade Dominance, Employment Caution

Among tertiary sectors, trade posted the best performance: turnover +12.2%, the highest among all economic sectors. However, employment in trade fell by 0.2%. In retail specifically, turnover grew by 1.1% and employment by 0.3%.

Similarly, 'Information and communication' saw employment contract by -3.1%. The 'Administrative activities and support services' section recorded the strongest employment growth in the tertiary sector: +10.5%, reflecting strong demand for support services to Swiss businesses.

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Operational details

The employment boom in the energy sector

The energy supply sector (supply of electricity, gas and steam via network — NOGA 35), while being part of the secondary sector, has followed a very different path from that of industry over the past ten years. Between Q2 2016 and Q2 2026, employment in full-time equivalents increased by 27.1%, a growth significantly higher than the secondary sector overall (+6.0%). From 2021 onwards, employment growth has been even more dramatic: +20.8% in the energy sector compared to +5.4% in the secondary sector.

However, this employment boom is not accompanied by production growth. Over the decade 2016-2026, real production in the energy sector declined by 10.2%, while the secondary sector recorded an increase of 35.4%. Nominal revenue figures tell a different story: they increased by 35.5% in the energy sector (in line with the +35.3% in the secondary sector) and from 2021 as much as 41.6%, compared to +19.0% in the secondary sector.

This divergence clarifies the driver of economic growth in the energy sector: it is energy prices, not the volumes produced or sold, that drive the increase in revenue figures. The Federal Office of Energy (UFE) provides the production and consumption data that underlie this phenomenon.

Year-on-year contraction, quarterly recovery

Looking at the most recent period (Q2 2026 vs Q2 2025), the energy sector presents a less rosy picture. Employment continued to grow by 2.4% (in line with the +1.2% in the secondary sector), but production fell by -2.0% and revenue by -8.7% — in contrast with the secondary sector, which recorded production growth of 5.1% and stable revenue (+0.4%).

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Key points

How to Read and Use This Data

UST data on the labor market and turnover figures are published regularly and represent an essential tool for Swiss entrepreneurs, professionals, and policymakers. For those working in Switzerland or managing a company, understanding these sectoral trends helps assess the strength of one's sector and employment prospects.

The aggregate figure — +5.3% turnover and +2.0% employment — suggests an expanding economy, but variability by sector is marked. Those operating in retail witness modest growth (+1.1% revenue, +0.3% jobs), while the administrative and support sector sees strong employment expansion (+10.5%). This implies that job opportunities are not evenly distributed.

Monitoring Employment Trends by Sector

UST provides detailed data on its official website, enabling in-depth analysis by canton, economic sector, and qualification. Job seekers, those changing sectors, or evaluating new positions should consult employment data for their industry: a 10.5% increase (as in administrative services) indicates growing demand, while a decline (-3.1% in Information and Communication) suggests greater selectivity in hiring processes.

For those managing salaries and payroll, monitoring employment evolution by sector provides insights into salary pressure and competition for talent. Sectors experiencing employment expansion tend to face greater wage pressure, while contracting sectors see more limited room for maneuver.

UST continues to publish quarterly updates on turnover and employment by economic sector. Data on energy supply are available through the Federal Office of Energy (SFOE), which publishes separate statistics on energy production and consumption.

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