In the third quarter of 2025, Switzerland's GDP adjusted for sporting events fell 0.5%, following 0.2% growth in the previous quarter.1,2 The negative result is largely down to the chemical and pharmaceutical industry, where strong exports gave way to a compensatory decline. Below-average growth in the services sector failed to offset the downturn in the industrial sector. The chemical and pharmaceutical industry (−7.9%) saw a sharp drop in value added in the third quarter, contributing significantly to the GDP contraction. This needs to be seen in the context of recent volatility in foreign trade. Strong ... (full story)