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Switzerland’s GDP grew by 0.5% quarter-on-quarter in Q1 2025 from a downwardly revised 0.3% in Q4, but below the preliminary estimate of 0.7%. The stronger expansion was driven by strong performance in manufacturing (2.1% vs 1.2%), construction (1.1% vs 0%), and trade, repair of motor vehicles and motorcycles (2.1% vs 0.3%). Conversely, output was flat in agriculture, forestry, and fishing (0.1%), while it declined in mining and quarrying (-0.2% vs -0.5%) and in electricity, gas, steam, and air conditioning supply (-9.4% vs 1.7%). On the expenditure side, growth slowed for private consumption (0.2% vs 0.5%), government spending (0.4% vs 0.6%), and fixed investment (0.5% vs 1.3%). Net trade also contributed negatively, as imports surged 13.1% (vs 3.4%) while exports grew more modestly at 10.5% (vs 6.2%). Year-on-year, GDP expanded by 2.0%, accelerating from a 1.6% growth in Q4 and above the expected 1.5% expansion.