FX.co ★ Swiss Investor Sentiment Edges Up from 2022-Low

In September 2025, the sentiment index for Swiss investors saw a rise of 7.4 points, reaching -46.4, up from -53.8 in August. Despite this improvement, the index remains significantly lower than the -8.8 recorded a year prior. This lingering pessimism is largely attributed to the United States' recent imposition of a 39% tariff on Swiss exports, which is a substantial setback given that the U.S. accounts for around 17% of Switzerland's export market. The index measuring current economic conditions saw a slight increase to 3.6 from 0, both compared to the previous month and the same period last year. UBS emphasizes that the recovery is tepid compared to past trends, with nearly half of analysts surveyed predicting no change in Switzerland's economic landscape over the forthcoming six months. Additionally, long-term growth forecasts have become more subdued; while earlier in March and June most analysts projected GDP growth between 1–2% over the next three to five years, the latest survey in September reveals a shift, with the majority now foreseeing growth of just 0–1%. This adjustment underscores growing concerns over Switzerland’s slowing growth path amid persistent trade challenges and diminishing global demand.