Growth engine and creator of added value, the Swiss industry deserves its place in portfolios.
Often perceived as a service economy, Switzerland is actually based on a solid and diversified industrial base. Key sectors such as pharmacy, chemistry, construction of machines, metallurgy or even electricity production form an industrial fabric turned towards export, which decisively contributes to the creation of wealth of our country. In 2024, the entire secondary sector thus reached 24.7% of GDP, a high figure for a developed saving. In fact, this proportion exceeds that recorded within the European Union.
A remarkable trajectory, despite the strong franc
The Swiss franc, perceived for a long time as a refuge value, has continued to appreciate in the main international currencies. This evolution in theory unfavorable to competitiveness, however, has not slowed down the momentum of Swiss industry. In fact, for 15 years, Swiss industrial production has displayed stable progression. In the first quarter of 2025, she recorded an increase of +8.5 % compared to the previous year. Even more impressive, industrial production has increased by almost +40 % since 2010, despite an appreciation of more than 25 % of the Swiss franc against the euro. How to explain such a performance? It is largely due to the very structure of the Swiss industrial fabric. The absence of the automotive sector combined with specialization in high -added branches gives Swiss industry better ability to absorb external shocks and export differentiated goods, benefiting from high global demand.
Switzerland generates much more value per unit exported than China
If China remains the world’s leading industrial producer in volume, Switzerland is distinguished by a much greater intensity of added value. In 2024, the commercial surplus per capita in Switzerland was almost 12 times higher than that of China. The Swiss dynamics are also distinguished on a European scale. In fact, its industrial growth is much more sustained than that observed in most major European economies, such as Germany.
American trade policy: persistent uncertainties
In 2025, one of the main exogenous risks remains the trade policy of the United States. The customs duties announced by Donald Trump also pushed many companies to anticipate their deliveries in the first quarter, contributing to GDP growth over the period. Faced with this climate of uncertainty, Swiss companies set up several adaptation strategies: price adjustment, partial relocation of value chains or geographic diversification, even if we still hope that a bilateral agreement will be concluded. The approach to the end of the 90 -day period reinforces diplomatic pressure and it is perilous to draw final conclusions in such an unstable context. However, the orientation of Switzerland to differentiated products suggests that it will be able to adapt.
A long -term strategic positioning
Although it is confronted with international economic uncertainties, the Swiss industry, with its niche leaders, its constant innovation capacity and a highly qualified workforce, pleads in favor of a long-term strategic exposure of this sector in investment portfolios. Indeed, faced with the vigor of the Swiss franc or the trade tensions from the United States, Swiss companies know how to react quickly and, even in a context of overall slowdown, Switzerland manages to maintain a robust trade surplus. It is a reflection of the structural resilience of its industrial model.
