Second quarter of 2025
Report submitted to the Governing Board of the Swiss National Bank for its quarterly monetary policy assessment
Тhe appraisals presented here are based on discussions between the SNB’s delegates for regional economic relations and members of management at companies throughout Switzerland. In its evaluation, the SNB aggregates and interprets the information received. A total of 241 company talks were conducted between 15 April and 3 June.
Key points
- The companies surveyed report moderate turnover growth overall in the second quarter. The recovery trend in manufacturing emerging at the beginning of the year has largely come to a standstill. However, momentum in the services sector and construction remains robust.
- Company representatives attribute the slowdown in manufacturing growth mainly to US trade policy. Owing to the uncertain development of tariffs, companies report that their customers are very cautious about placing orders and are postponing investment decisions.
- In manufacturing, underutilisation of both personnel and technical capacity is increasing, and profit margins are under pressure. In the services sector and construction, by contrast, capacity utilisation and margins are largely stable and in line with the long-term average.
- Companies anticipate solid increases in turnover in the coming quarters. However, they point to considerable uncertainty, particularly when it comes to US trade policy. At the time the talks with company representatives took place, there was no clarity with regard to the future level of tariffs or their impact.
2/2025 – Business cycle signals: SNB regional network
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