The Swiss economy accelerated in the three months through June, reflecting its relative insulation from the energy-price shock and the uncertainty caused by shifting U.S. tariffs.
That likely comes from the contribution of front-running of drug exports to the U.S., ahead of tariffs of up to 15% on pharmaceuticals that came into effect on July 31, said Ankita Amajuri, Europe economist at Pantheon Macroeconomics, in a note to clients.
In July, the Trump administration separately added new additional tariffs of up to 12.5% on many Swiss imports, replacing 10% tariffs in force since February. Swiss GDP last contracted in the third quarter of 2025, as the first round of U.S. tariffs filtered through the economy. The Swiss franc has declined against the euro since March, and investors don’t expect it to change its policy rate from the current 0% this year.
Switzerland has been less exposed to the global energy shock than other European nations. The country is less reliant on imports and has a more diverse energy mix that makes use of its hydroelectric Alpine dams.
Switzerland’s central bank has said it would act to stem an uncontrolled rise in the franc.
