GDP Switzerland 2025: +1.6% economic growth (cross-border guide)

Context

In a nutshell

• GDP 2025: +1.6%, stable compared to 2024 (+1.5%)
• Growing domestic demand (+2.5%), investments drive the economy (+3.5%)
• Rising financial (+6.6%) and chemical-pharmaceutical (+8.1%) sectors
• Imports increase faster (+11.7%) than exports (+5.9%)

Key facts

• What: Switzerland's annual economic growth — first estimates 2025
• When: 25 August 2026 (UST publication)
• Where: Switzerland
• Who: Federal Statistical Office (FSO)
• GDP: +1.6% at previous year's prices
• GNI: +2.5% at current prices

The Swiss economy maintains stable growth in 2025, with gross domestic product (GDP) increasing by 1.6% at previous year's prices. On August 25, 2026, the Federal Statistical Office (FSO) published the first estimates for 2025, confirming a trend consistent with the results of 2024, when growth had been 1.5% — a figure revised from the previous 1.4% initially reported. The maintenance of growth is linked to strong domestic demand, which stands at +2.5%, and robust investments increasing by 3.5%. The latter are the main pillar of the economic recovery, offsetting the contraction of the trade balance.

Gross national income (GNI) at current prices shows a 2.5% increase, thanks to the improvement in the balance of income with foreign countries. In line with the national audit policy, the UST has revised upwards the

Operational details

Which sectors drive economic growth

The Swiss economic fabric shows a differentiated performance between the various sectors. Manufacturing activities and the production of goods recorded a positive overall trend, with a growth rate of 2.4%. The main driver of this growth is the coke manufacturing sector, the refining of petroleum products, as well as the production of chemical and pharmaceutical products, which grew by 8.1%, confirming the strength of the Swiss chemical-pharmaceutical sector at the international level. Retail recorded a positive result both at current prices (1.6%) and at the prices of the previous year (3.0%). The high dynamism of trade, with commodity trade growing by 5.2%, supported the growth of trade as a whole.

The situation in the financial services sector is very positive, with an overall growth of 6.6%. This result is driven by sustained growth of 8.1% in the banking sector, recovering after a decline recorded in 2024, and a sharp increase of 7.6% in the added value of insurance. These figures reflect the strength of the Swiss financial centre and the centrality of the sector in the country's economic model. Banks and insurance companies continue to be crucial players in the national economy, generating significant added value and supporting exports of services.

Areas of weakness and

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Key points

Implications for the labor market and wages

A stable economic growth of 1.6% has direct repercussions on the Swiss labor market. The expansion of investments, particularly in the technological and high-quality manufacturing sectors (pharmaceutical-chemical sector grows by 8.1%), creates job opportunities and attracts talent. The 5.2% growth in the healthcare and social assistance sector represents an area with strong potential for hiring, considering the aging of the Swiss population and the continuous demand for qualified healthcare and assistance professionals.

For those working as employees in Switzerland, sustained economic growth and the solidity of the financial sector (6.6% overall growth) create favorable conditions for salary negotiations and career advancement. The expanding sectors, particularly pharmaceutical-chemical, banking, and healthcare, are historically among those with the most competitive salaries and superior corporate benefits. However, the faster increase in imports compared to exports (11.7% vs. 5.9%) signals pressure downward on the competitiveness of some traditional export-oriented sectors, which could limit wage growth in those specific sectors. Inflation, linked to the increase in civil engineering prices (growth of only 1.9%), could erode part of the nominal earnings if salary increases fail to keep pace with inflationary dynamics.

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