Switzerland’s economy outperformed expectations in Q1 2025, driven by a surge in exports to the United States and strong growth in the chemical and pharmaceutical sectors.
Switzerland’s gross domestic product (GDP) rose by 0.8% in the first quarter of 2025 compared to the previous quarter, surpassing initial forecasts, according to final figures released by the State Secretariat for Economic Affairs (SECO).
The seasonally and calendar-adjusted GDP growth follows a 0.6% expansion in Q4 2024. In May, SECO had forecast 0.7% growth for Q1 based on preliminary estimates.
A key contributor to the stronger-than-expected performance was a surge in Swiss exports to the United States. SECO noted: “Exports to the United States saw a sharp increase in the first quarter, possibly due to frontloading in response to U.S. trade policy.”
Swiss exports to the U.S. jumped by 17.4% from January to March compared to the final quarter of 2024 - far outpacing the 3.6% rise in overall exports. The chemical and pharmaceutical sectors also saw above-average growth during the period.
Tensions have risen in trade relations between Switzerland and the U.S. after the Trump administration imposed a 31% tariff on Swiss imports in April, though that rate was later reduced to 10% temporarily. The looming threat of tariffs led to a sharp appreciation of the Swiss franc and dampened investment activity.
The Swiss government is currently in talks with U.S. officials in an effort to prevent further escalation. With pharmaceuticals representing a cornerstone of the country’s export economy, Switzerland remains vulnerable to trade barriers in that sector.
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