Switzerland’s economic growth surged in the second quarter according to initial estimates released Friday, shaking off higher energy costs thanks to its chemical and pharmaceutical industries.
GDP growth reached 1.5% after a 0.4% rise in the first three months of the year, the economy ministry said, well above analyst estimates of around 0.3%.
“The industrial sector greatly contributed to growth, driven in particular by the chemical and pharmaceutical industries,” the ministry said in a brief statement.
“The services sector also grew as a whole,” it added, ahead of its release of detailed figures on Sept 3.
The Swissmem employers’ association recently noted that industrial firms were benefiting from demand for AI data centre equipment.
And in May, a closely watched survey of purchasing managers saw the index reach its highest level in three years, even with new US tariffs of 12.5% impacting exports.
The Swiss customs office had already announced a 1.7% rise in exports in the second quarter, up from 0.3% the previous quarter.
“The early signs suggest that this momentum will continue into the third quarter,” analyst at Capital Economics said in a research note following the GDP release.
“We have pencilled in a 1.0% quarter-on-quarter rise in GDP in the third quarter, but these indicators suggest that growth could be even stronger,” it said.
