Quarterly gross domestic product: revised data up to second quarter of 2025
Bern, 29.09.2025 — In line with international guidelines, the State Secretariat for Economic Affairs (SECO) and the Federal Statistical Office (FSO) have carried out a benchmark revision of GDP data. The overall economic interpretation of the figures remains largely unchanged. In the second quarter of 2025, Switzerland’s economy recorded modest growth, following the above-average performance seen in the previous quarter. SECO is now also publishing more detailed quarterly data on value added in manufacturing and the transport and communication sector.
The revised GDP figures confirm the slight increase in Switzerland’s GDP adjusted for sporting events[1] in the second quarter of 2025 (+0.2%, before revision: +0.1%). This reflects the expected correction following the previous quarter's above-average growth (+0.8%, before revision: +0.7%).
In the second quarter, the Swiss economy came under pressure from negative developments in industry and foreign trade. The chemical and pharmaceutical industry (−2.0%) saw a marked contraction, while value added also fell slightly across other areas of manufacturing (−0.2%). Foreign trade weakened notably, with both exports[2] (−3.4%) and imports[3] (−4.0%) dropping sharply.
In contrast, the domestic economy remained stable. Private consumption (+0.4%) grew solidly, providing a boost to service sectors such as trade (+1.3%), the accommodation and food services sector (+1.4%) and transport (+1.9%). Government consumption (+0.8%) recorded above-average growth, reflected in a corresponding increase in value added within public administration (+1.0%). Due to the overall decline in investment (−0.8%), domestic final demand (+0.1%) increased only slightly.
The benchmark revision involved a systematic review and harmonisation of historical time series, definitions and data sources. Further details are available in a technical note[4]. In some cases, historical data has undergone significant revision, particularly regarding absolute nominal levels, though real developments over time have been less affected. While the economic interpretation of the data remains largely unchanged following the revisions, notable adjustments to individual data points can be observed.
Note
The data and the autumn 2025 edition of Konjunkturtendenzen (Economic situation in Switzerland), which contains further information on GDP in the second quarter, can be found at www.seco.admin.ch/gdp.
[1] To facilitate cyclical interpretation, this press release provides quarter-on-quarter growth rates in real terms, seasonally adjusted and (where applicable) adjusted for sporting events. Adjustments for sporting events apply to GDP, the arts, entertainment and recreation sector, and exports and imports of services. Further details on the adjustment for sporting events can be found at www.seco.admin.ch/gdp under ‘Documents’. GDP growth not adjusted for sporting events: +0.2% in the second quarter of 2025 and +0.7% in the first quarter of 2025.
[2] Goods and services excluding valuables. Not adjusted for sporting events: −4.4%.
[3] Goods and services excluding valuables. Not adjusted for sporting events: −5.1%.
[4] ‘2025 Revision of the National Accounts: main changes and structural and economic effects’, available at www.seco.admin.ch/gdp.