Switzerland’s gross domestic product grew by 0.4% quarter-on-quarter in the three months to March 2026, coming in slightly below the preliminary estimate of 0.5%. Industrial output rose by 1.3%, driven mainly by a 1.5% increase in manufacturing. By contrast, the chemical and pharmaceutical sector shrank by 3.4% as exports of these products dropped sharply, contributing to a 2.2% fall in total goods exports.
The services sector expanded by just 0.2%, reflecting a mixed performance. Transport services (+1.9%) and financial services (+1.3%) supported overall growth, benefiting from higher interest and commission income. However, trade activity declined by 0.8%, including a 1.3% contraction in retail. Accommodation and food services also weakened, falling 0.6% amid a drop in overnight stays. Services exports edged up by only 0.5%.
Domestic final demand rose a modest 0.1%. Government consumption increased significantly (+0.9%), but this was offset by declines in both equipment investment (-0.2%) and construction investment (-0.2%). Imports fell by 2.4%, reflecting subdued domestic demand.
