Gross domestic product in the second quarter of 2026: strong, broad-based growth – large contribution from the chemical and pharmaceutical industry
Bern, 03.09.2026 — In the second quarter of 2026, Switzerland’s gross domestic product (GDP) adjusted for sporting events grew by 1.5%, following growth of 0.5% in the previous quarter.(1)(2) This is the strongest GDP growth recorded since the third quarter of 2021. The chemical and pharmaceutical industry made the largest contribution to growth, while value added also increased across a wide range of other sectors. Domestic demand recovered after a weak start to the year.
Value added in the industrial sector (+3.9%) increased strongly in the second quarter, driven mainly by manufacturing (+4.5%). After several quarters of weak or, in some cases, negative growth, the chemical and pharmaceutical industry (+10.5%) expanded sharply, reflecting higher exports and sales. Growth in the rest of manufacturing (+0.7%) was moderate,
although developments varied across individual sub-sectors. Overall, goods exports (3) (+5.5%) increased at an above-average rate.
The services sector (+0.7%) recorded moderate but broad-based growth. Positive contributions came from, among others, transport (+1.9%) and communications (+1.1%). Financial services (+1.9%) grew, thanks to a positive performance in interest margin and commission business. Exports of services (4) also increased (+1.6%).
After a weak previous quarter, growth in domestic final demand (+0.5%) recovered to around its historical average, with all major components contributing. Private consumption (+0.3%) increased moderately. Spending rose particularly on health, food, and restaurants and accommodation, while expenditure on transport and on leisure and culture weighed on growth. In line with the increase in consumption, trade (+0.8%) recovered from its contraction in the previous quarter. In the retail sector (+1.2%), real turnover increased, particularly for food products. The accommodation and food services sector (+1.4%) also recorded higher value added, supported by a rise in overnight stays by domestic guests.
Government consumption (+0.4%) and investment also made positive contributions to growth. Construction investment (+0.7%) increased, with gains in non-residential building construction and civil engineering set against a slight decline in residential construction. Investment in equipment (+0.8%) rose mainly because of higher spending on other vehicles and research and development. Declining investment in IT services and machinery, however, tempered growth. Reflecting stronger domestic demand, imports (5) (+2.2%) increased overall.
Note
As part of its annual revision cycle, in August 2026 the Federal Statistical Office (FSO) published the first results of the annual national accounts for the previous year and updated the figures for the two preceding years. SECO incorporated these annual figures into the quarterly accounts and adjusted its calculations where necessary, resulting in revisions to the quarterly figures.
The data, together with the autumn 2026 edition of Konjunkturtendenzen (Economic situation in Switzerland), which contains further information on GDP in the second quarter, can be found at www.seco.admin.ch/gdp.
(1) Unchanged result from the GDP flash estimate published around 45 days after the end of the quarter (+1.5%).
(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: +1.9% in the second quarter of 2026 and +0.6% in the first quarter of 2026.
(3) Excluding valuables.
(4) Not adjusted for sporting events: +0.5%.
(5) Excluding valuables, not adjusted for sporting events: +2.4%.