GDP growth revised down from flash estimate of 0.5%.

Switzerland’s economy expanded less than initially estimated in the first quarter of 2026.

Gross domestic product (GDP), adjusted for sporting events, rose 0.4% quarter-on-quarter in the January-March period after growing 0.2% in the previous quarter, according to the State Secretariat for Economic Affairs (SECO).

The figure was revised down from a preliminary estimate of 0.5% released in May.

SECO said industrial activity was the main driver of growth at the start of the year, while expansion in the services sector remained modest and uneven across segments.

Domestic final demand stayed weak, suggesting that household consumption and private investment provided limited support to overall growth.

The detailed data came as Switzerland faces a more uncertain external environment, with the war in Iran clouding the outlook for businesses and consumers while boosting demand for the safe-haven Swiss franc.

A stronger franc can weigh on exporters by making Swiss goods more expensive in foreign markets.

Separately, Switzerland’s manufacturing sector showed renewed strength, with the manufacturing purchasing managers’ index (PMI) rising to 57.3 in May from 54.5 in April, its highest level in more than three years.

SECO’s GDP figures exclude the impact of major sporting events, which can distort economic output data because Switzerland hosts several international sports organizations.