Gross domestic product in the first quarter of 2026: Growth picks up at the start of the year
Bern, 01.06.2026 — In the first quarter of 2026, Switzerland’s gross domestic product (GDP) adjusted for sporting events grew by 0.4%, following growth of 0.2% in the previous quarter.(1) (2) The industrial sector was a key driver of growth. Growth in the services sector was subdued, with varied results across segments. Domestic final demand was weak.
Value added in the industrial sector (+1.3%) grew strongly in the first quarter, following several quarters of subdued performance. Manufacturing (+1.5%) proved to be a key contributor to growth, particularly other manufacturing (+4.6%). Revenue and exports increased in several industrial segments. By contrast, value added in the chemical and pharmaceutical industry declined (–3.4%), as exports of chemical and pharmaceutical products fell significantly at the start of the year. Overall, goods exports (3) declined (–2.2%).
In the services sector (+0.2%), momentum remained subdued, with performance varying across individual segments. In particular, transport (+1.9%) and financial services (+1.3%) drove positive contributions, benefiting from higher interest and commission income. By contrast, trade ended the quarter down (–0.8%). The decline in the retail sector (–1.3%) is consistent with the near stagnation in private consumption (–0.0%). Various retail segments declined, while mild weather limited the demand for heating. Due to a drop in overnight stays by domestic and foreign guests, accommodation and food services also recorded a decline in value added (–0.6%). Overall, services exports (4) grew only slightly (+0.5%).
Domestic final demand developed weakly overall (+0.1%). Government consumption grew at an above-average rate (+0.9%); however, investment declined. Investment in equipment (–0.2%) was supported by computing equipment, machinery and IT services; however, this was offset by lower investment in vehicles and research and development. Construction investment (–0.2%) also declined slightly: residential construction slowed, while civil construction stagnated. Imports (5) also fell (–2.4%), reflecting the weak performance of domestic demand.
Note
Note The relevant data and the summer 2026 edition of Konjunkturtendenzen (Economic situation in Switzerland), which contains further information on GDP in the first quarter, can be found at www.seco.admin.ch/gdp.
(1) Slight downward revision compared to the flash GDP estimate (+0.5%, published approximately 45 days after the end of the quarter), due to updated underlying data.
(2)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: +0.7% in the first quarter of 2026 and +0.2% in the fourth quarter of 2025.
(3) Excluding valuables. Excluding transit trade and chemical and pharmaceutical products, goods exports rose by +2.9%. 4 Not adjusted for sporting events: +5.0%.
(4) Not adjusted for sporting events: +5.0%.
5 Excluding valuables, not adjusted for sporting events: −1.5%.