Switzerland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Switzerland

September 16, 2025

Summary

Switzerland remains highly resilient, supported by strong institutions, prudent
policies, and a skilled labor force. However, global uncertainty, trade fragmentation, and
persistent safe-haven flows have increased economic pressures. After slowing in 2024,
growth picked up in early 2025 including due to front-loaded exports, but momentum
remains tepid. Inflation has fallen to near zero despite policy easing by the Swiss National
Bank (SNB). U.S. tariffs to Swiss goods were raised to 39 percent (excluding, inter alia,
pharmaceuticals and gold) in August 2025.

Subject: Central bank policy rate, Expenditure, Financial sector policy and analysis, Financial sector stability, Financial services, Inflation, Prices, Tariffs, Taxes

Keywords: accompanying Financial System Stability Assessment, Central bank policy rate, debt brake, Financial sector stability, Financial System Stability Assessment update, FSAP finding, Global, Inflation, SNB data portal, SNB policy rate, Tariffs

Pages:
76
Volume:
2025
DOI:
https://doi.org/10.5089/9798229025195.002
Issue:
263
Series:
Country Report No. 2025/263
Stock No:
1CHEEA2025001
ISBN:
9798229025195
ISSN:
1934-7685

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