Swiss economic output increases as firms rush to beat US tariffs
The quarterly figure, which was adjusted for the impact of sporting events, was an uptick from the revised 0.6% increase in the last three months of 2024.
It was better than the flash forecast for a 0.7% increase released earlier this month and also above the long term average for Swiss quarterly GDP growth of 0.4%.
The figures included growth in services and a big boost from higher exports as companies sent products to the U.S. to avoid the higher tariffs threatened by President Donald Trump.
"In particular, exports to the U.S. rose sharply, pointing to possible front-loading in connection with U.S. trade policy," said the State Secretariat for Economic Affairs (SECO).
Swiss exports to the United States increased by 17.4% in the first three months of 2025, compared with the previous three months, much higher than the 3.6% increase in overall exports, according to data from the Swiss customs office.
Trump's administration imposed a 31% tariff on Swiss imports in April, although the figure has since been temporarily reduced to 10%.
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