Switzerland’s economy grew by 1.6% in real terms in 2025, compared with 1.5% in 2024. The broadly steady pace of expansion was driven mainly by strong domestic demand, which rose by 2.5%. Investment was particularly buoyant, increasing by 3.5%, reported the Federal Statistical Office (FSO).
The 2025 figure is slightly below Switzerland’s recent long-run norm. Annual real GDP growth from 2005 to 2024, Switzerland grew by about 2.0% a year on average. The period includes the global financial crisis, the pandemic recession and the strong post-pandemic rebound.
Gross national income (GNI), measured at current prices, rose by 2.5%, helped by an improvement in the balance of income with the rest of the world. These first estimates for 2025 also include a small revision to the figure for 2024: real GDP growth is now put at 1.5%, up from an initial estimate of 1.4%.
In line with its revision policy for the national accounts, the FSO has also updated its figures for 2023 and 2024 to reflect new information. GDP growth was revised up by 0.2 percentage points for 2023 and by 0.1 points for 2024. Unless otherwise stated, the figures below are expressed in real terms.
Investment picks up
Household consumption, including spending by non-profit institutions serving households, remained an important source of growth. After rising by 2.1% in 2024, it increased by 1.7% in 2025. Spending on health care, transport and restaurants was particularly strong. Spending on tobacco and alcohol, by contrast, fell.
Investment accelerated sharply. After stagnating in 2024, it rose by 3.5% in 2025, making it one of the main engines of growth. Investment in machinery and equipment increased by 3.7%. Construction investment rose by 2.9%, helped in particular by new buildings. Civil engineering grew more slowly, by 1.9%, amid higher prices.
The trade surplus narrows
Switzerland’s trade surplus shrank after increasing the previous year. Imports jumped by 11.7%, far faster than exports, which rose by 5.9%. The difference was largely due to trade in goods excluding gold: imports increased by 10.5%, compared with 4.8% for exports. Services trade moved in the opposite direction. Its surplus widened as exports rose by 1.8% while imports fell by 0.7%.
Industry expands
Manufacturing grew by 2.4%. The main drivers were coking and oil refining, as well as the chemical and pharmaceutical industries, which together expanded by 8.1%.
Retail trade also had a good year, growing by 1.6% at current prices and by 3% in real terms. Trade more broadly, including commodities, expanded by 5.2%.
Financial services grew by 6.6%. Banks, whose value added had fallen the previous year, rebounded by 8.1%. Insurance grew by 7.6%.
Performance across the service sector was uneven. Arts, entertainment and recreation recorded the steepest decline, falling by 29.3%. The drop largely reflected the absence of major international sporting events in 2025, unlike in 2024. Health and social work, by contrast, grew by 5.2%.
Gross national income rises
GNI at current prices, which measures the net income received by businesses and households resident in Switzerland, rose by 2.5%. That was broadly in line with nominal GDP growth of 2.4%.
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