IMF Staff Country Reports

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

September 16, 2025

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Format: Chicago

International Monetary Fund. European Dept. "Switzerland: 2025 Article IV Consultation-Press Release; Staff Report; and Statement by the Alternate Executive Director for Switzerland", IMF Staff Country Reports 2025, 263 (2025), accessed September 16, 2025, https://doi.org/10.5089/9798229025195.002

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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, Financial services, Inflation, Prices, Tariffs, Taxes

Keywords: Central bank policy rate, Inflation, Tariffs

Publication Details

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