The Swiss economy contracted by 0.5% in the third quarter of 2025 compared to the previous quarter due to a decline in exports amid the trade conflict with the United States.
Official data confirmed the preliminary estimate announced at the beginning of last week.
This is the first decline in the Swiss economy since the second quarter of 2023.
In August, the US imposed a 39% tariff on imports from Switzerland, the highest rate among all developed economies. The countries later concluded a trade agreement, and the tariff was reduced to 15%.
‘The data should be viewed in the context of recent volatility in foreign trade,’ the press release said. ‘Strong exports of chemical and pharmaceutical products in anticipation of changes in US foreign trade policy triggered a compensatory decline in the following months.’
According to revised data, Swiss GDP grew by 0.2% in April-June (previously estimated at 0.1%).
Earlier, the Experts Club information and analytical centre made a video analysis of the prospects for the Ukrainian and global economies. For more details, see the video — https://youtu.be/kQsH3lUvMKo?si=F4IOLdLuVbYmEh5P
