Switzerland economy at a glance

Latest figures for Switzerland: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open Switzerland on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	1.5%	October 2026	1.0% September 2026
Core inflation (excluding food and energy)	0.5%	October 2026	0.5% September 2026
Real GDP growth (year on year)	2.6%	Q2 2026	0.7% Q1 2026
Policy rate (Swiss National Bank)	0.00%	November 2026	0.00% October 2026
Unemployment rate	3.0%	October 2026	3.0% September 2026
10-year government bond yield	0.51%	October 2026	0.59% September 2026
Manufacturing PMI (procure.ch / UBS Switzerland Manufacturing PMI)	56.7	October 2026	55.3 September 2026
Stock market (SMI (Swiss Market Index))	14,968	November 2026	+16.6% over 12 months

Questions and answers

What is the inflation rate in Switzerland?

Switzerland's annual inflation rate was 1.5% in October 2026, up from 1.0% in September 2026.

What is the interest rate in Switzerland?

The Swiss National Bank SNB policy rate is 0.00% (as of November 2026). The next rate decision is due on 10 December 2026.

How fast is Switzerland's economy growing?

Switzerland's real GDP grew 2.6% year on year in Q2 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 1.9% in 2026 and 1.2% in 2027.

What is the unemployment rate in Switzerland?

Switzerland's unemployment rate was 3.0% in October 2026, unchanged from September 2026.

What is Switzerland's 10-year government bond yield?

Switzerland's 10-year government bond yield averaged 0.51% in October 2026.

What is Switzerland's credit rating?

Switzerland's sovereign credit ratings: S&P AAA, Moody's Aaa, Fitch AAA.

What is the VAT rate in Switzerland?

Switzerland's standard VAT rate is 8.1% (2026 rules).

What is the corporate tax rate in Switzerland?

Switzerland's corporate income tax rate is 19.6% (2026 rules).

Who leads Switzerland?

Switzerland is led by Seven-member Federal Council (collegial government); Guy Parmelin is President of the Confederation for 2026. Next election: Next federal popular vote on 29 November 2026; federal parliamentary elections in October 2027.

Outlook

The SNB (24 Sep 2026) expects GDP growth of 1.5–2% in 2026 and about 1.5% in 2027, with inflation only 0.7–0.8% through 2028, comfortably inside its 0–2% band. Upside risk comes from the weaker franc and energy prices lifting inflation, which could bring rate hikes forward. A Bloomberg survey median sees a first hike only in early 2028, though some economists see 2027 or even December 2026. Downside risks are a renewed franc surge if global risk aversion deepens, an escalation of the Middle East energy shock, and pharma exports falling back after their Q2 jump.

Why Switzerland matters for the world economy

Switzerland moves global markets mostly through money rather than volume. The franc is a safe-haven currency, so risk-off episodes such as the 2026 Gulf energy shock pull capital in and lead the SNB to lean against franc strength with FX purchases, which feeds into euro and dollar reserve flows. It is also a hub for pharmaceuticals, gold refining and commodity trading. Pharma exports drove an unusually strong +1.5% q/q GDP gain in Q2 2026, so swings in US and German demand and US tariff or drug-pricing policy feed straight into Swiss output. The US and Germany are the most exposed partners, and the UBS capital rules being set in parliament matter for global wealth-management and investment-banking competition.

Politics

Politics are consensual and stable. Direct democracy keeps setting the agenda: on 27 September voters clearly rejected (about 69% no in early results) an initiative that would have written strict neutrality into the constitution and forced an end to Russia sanctions, and in June they rejected the SVP plan to cap the population at 10 million, which keeps the free-movement deal with the EU in place. The main economic fight in parliament is over the UBS capital bill: on 23 September the upper house backed requiring UBS to fund foreign units with equity up to 90% of their value, which UBS puts at about USD 16bn of extra capital. A final law is not expected before 2027 and could go to a referendum.

System: Federal directorial republic with direct democracy.

Economy and taxes

GDP: US$1,044 billion
Population: 9.1 million
Current account: 6.2% of GDP
Exports: 78.1% of GDP
Main exports: Pharmaceuticals and chemicals (the largest contributor to Q2 2026 growth), gold (refining/transit), precision instruments and watches, machinery, medical technology
Top export markets: United States (19.0%), Germany (15.0%), Slovenia (9.0%)
IMF growth forecast: 1.9% in 2026, 1.2% in 2027
IMF inflation forecast: 0.7% in 2026, 0.8% in 2027
Currency: CHF
Freelancer tax: A self-employed person earning the average wage (CHF 98,334 a year) pays about 26.8% of it in income tax and social contributions (2026 rules)
Top income tax rate: 39.7%
Gold reserves: 1,039.9 tonnes (August 2026)
Energy self-sufficiency: 49% (2024)

Recent news

3 November 2026 Swiss inflation jumps to 1.5%, the highest since late 2023, on fuel costs Swissinfo
Consumer prices rose 1.5% on the year in October, up from 1.0% and above forecasts of 1.1-1.4%, as petroleum products cost 40% more than a year earlier. Core inflation, which strips out energy and fresh food, held at 0.5%, and the rate stays within the SNB's 0-2% price-stability range.
2 November 2026 Swiss factory PMI climbs to 56.7, an eighth month of expansion Trading Economics
The procure.ch manufacturing PMI rose to 56.7 in October from 55.3, beating expectations, as output and order books improved. The purchase-price index jumped to 77.1, pointing to sharply rising input costs, and longer delivery times hinted at supply bottlenecks, while the jobs index stayed below 50.
27 October 2026 Swiss company insolvencies heading for a record of about 15,000 in 2026 Swissinfo / Keystone-SDA
Credit insurer Allianz Trade expects a sixth straight annual rise, double the 2022 level. It blames mainly a 2025 change in insolvency law, but also high energy costs, rising interest rates and economic uncertainty.
27 October 2026 Swiss collective wage deals bring only 0.5% pay rises for 2026 Swissinfo / Keystone-SDA
The Federal Statistical Office says actual wages under the main collective agreements rise 0.5% on average and minimum wages 0.8%, so real pay in those sectors will not grow with inflation forecast at about 0.6%.
1 October 2026 Swiss inflation reaches a two-year high of 1% on fuel and a weaker franc Swissinfo / Bloomberg
Consumer prices rose 1.0% y/y in September, up from 0.8%, and core inflation edged up to 0.5%. Pricier petrol and imports drove the rise, but it is still within the SNB's target range.
27 September 2026 Voters reject a strict-neutrality amendment that would have ended Russia sanctions APA
Early results showed about 69% voting against an initiative to enshrine comprehensive neutrality, lift sanctions on Russia and rule out NATO membership. Switzerland's alignment with EU sanctions policy therefore stays intact.

Headlines and summaries are compiled daily from the linked reports with AI assistance.