FX.co ★ Swiss Industrial Output Falls in Q2

In the second quarter of 2025, Switzerland experienced a slight year-on-year decline in industrial production, decreasing by 0.1%. This downturn contrasts with the previously revised 8.9% increase noted in the first quarter. Marking the first fall in industrial activity since the first quarter of 2024, this decline was primarily due to decreased output in the energy supply sector, which fell by 8.9% compared to a 6.2% drop in the previous quarter, and in the construction sector, which saw a reduction of 0.5% after a 3.4% rise earlier. Concurrently, manufacturing growth decelerated to 1.3% from 4.5%, affected by significant reductions in the manufacture of transport equipment (-10.4%), textiles and apparel (-4.7%), wood, paper, and printing (-1.9%), and metal products (-1.2%). On a seasonally adjusted quarterly basis, industrial output contracted by 3.5%, marking the most substantial decline since the second quarter of 2023, after a 5.7% growth in the previous quarter.