Swiss Industrial Output Falls in Q2

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 1.3% from 4.5%, 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%). 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.