Swiss Industrial Output Falls in Q2

Industrial production in Switzerland fell by 0.7% year-on-year in the fourth quarter of 2025, after a downwardly revised 2.0% increase in the third quarter. This marked the first contraction since the first quarter of 2024, reflecting a sharp slowdown in output for mining and quarrying (0.5% vs 11.8% in Q3) and manufacturing (0.5% vs 4.5%). Within manufacturing, growth weakened notably in textiles and apparel (8.2% vs 25.1%) and pharmaceutical products (2.7% vs 10.3%), while production for transport equipment plunged (-17.0% vs 4.4%). Meanwhile, electricity supply continued to decline, although at a softer pace (-12.9% vs -24.1%). On a seasonally adjusted quarterly basis, industrial output dropped by 3.3%, following an upwardly revised 0.8% fall in the previous period.

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.