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Switzerland’s industrial production declined by 0.7% year-on-year in the fourth quarter of 2025, following a downwardly revised 2.0% increase in the third quarter. This was the first contraction since the first quarter of 2024 and reflected a pronounced loss of momentum in mining and quarrying (0.5% vs. 11.8% in Q3) and manufacturing (0.5% vs. 4.5%).
Within manufacturing, growth slowed sharply in textiles and apparel (8.2% vs. 25.1%) and in pharmaceutical products (2.7% vs. 10.3%), while output of transport equipment swung deeply into negative territory (-17.0% vs. 4.4%). Electricity supply continued to contract, but at a less severe rate than in the previous quarter (-12.9% vs. -24.1%).
On a seasonally adjusted quarterly basis, overall industrial output fell by 3.3%, after an upwardly revised 0.8% decline in the third quarter.
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