Swiss Industrial Output Growth at Near 4-Year High

Industrial production in Switzerland grew by 2.4% year-on-year in the third quarter of 2025, rebounding from an upwardly revised 2.1% gain in the previous three-month period. Output increased much more rapidly in the mining and quarrying (14.3% vs 8.6% in Q2) sector, weighed by increases in the manufacture of pharmaceutical products (10.2% vs 3.9%) and other manufacturing, repair and installation (11.9% vs 6.2%). Activity in manufacturing also rose at a faster pace to 4.9% from 3.0%. Meanwhile, output slipped further for electricity supply (-6.3% vs 5.4%). On a seasonally adjusted quarterly basis, industrial activity fell 0.3% in the third quarter of 2025, following a revised 2.2% fall in the previous three-month period.

Industrial production in Switzerland fell 0.1% year-on-year in Q2 2025, reversing an upwardly revised 8.9% gain in the previous quarter. This was the first decline in industrial activity since Q1 2024, driven by lower output in energy supply (-8.9% vs -6.2% in Q1) and construction (-0.5% vs 3.4%). At the same time, manufacturing growth slowed to 0.7% from 10.3%, weighed by declines in manufacture of transport equipment (-10.4%), textiles and apparel (-4.7%), wood, paper and printing (-1.9%), and metal products (-1.2%). Activity in mining and quarrying also rose at a slower pace, moderating to 1.3% from 4.5%. On a seasonally adjusted quarterly basis, industrial output shrank 3.5%, the steepest drop since Q2 2023, following a 5.7% increase in the prior period.

Industrial production in Switzerland grew by 8.5% year-on-year in the first quarter of 2025, accelerating from a downwardly revised 2.1% gain in the previous three-month period. This marked the fourth consecutive period of rising industrial activity and the fastest pace since the second quarter of 2021, as output increased much more rapidly in manufacturing (9.9% vs 1.8% in Q4) and mining and quarrying (4.8% vs 0.1%). Meanwhile, output slipped for energy supply (-6.3% vs 5.4%). On a seasonally adjusted quarterly basis, industrial activity surged 5.4% in the first quarter of 2025, rebounding from a downwardly revised 0.7% fall in the previous three-month period.