Switzerland Q1 2026 GDP Report: Manufacturing Growth Offsets Weak Consumer Spending

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Switzerland's GDP increased by 0.4% in the first quarter of 2026 after adjusting for sporting-event effects, marking an improvement from the 0.2% growth recorded in the previous quarter. On an unadjusted basis, GDP growth was 0.7%.

Economic expansion was largely driven by the industrial sector, where value added rose by 1.3% following several quarters of relatively weak activity. Manufacturing output increased by 1.5%, supported in particular by a strong 4.6% rise in other manufacturing industries. The chemical and pharmaceutical industry, however, moved in the opposite direction, with value added declining by 3.4%. This downturn was mainly attributable to a sharp reduction in exports at the beginning of the year.

The services sector grew only modestly, posting a 0.2% increase overall. Performance differed significantly across subsectors. Transport services expanded by 1.9%, while financial services grew by 1.3%, supported by higher interest and commission revenues. In contrast, trade activity fell by 0.8%, retail sales declined by 1.3%, and accommodation and food services contracted by 0.6%. Mild weather conditions reduced demand for heating-related products, contributing to weaker retail activity, while a decline in overnight stays weighed on the hospitality sector.

Domestic demand remained subdued throughout the quarter. Final domestic demand increased by only 0.1%, while private consumption was unchanged, indicating limited growth in household spending. A stronger performance was seen in the public sector, with government consumption rising by 0.9%.



Investment activity also weakened. Both equipment investment and construction investment declined by 0.2%. In the case of equipment investment, gains in spending on computing equipment and IT services were offset by lower expenditures on vehicles and research and development. The decline in construction investment reflected weaker residential building activity and stagnant civil engineering projects.

Trade data highlighted contrasting trends. Overall goods exports (excluding valuables) fell by 2.2%, largely because of weaker exports from the chemical and pharmaceutical industry. However, when transit trade and chemical and pharmaceutical products are excluded, exports actually increased by 2.9%, suggesting stronger performance in other export-oriented sectors. Meanwhile, imports decreased by 2.4%, reflecting the weakness of domestic demand and investment.
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