Swiss Economy Surges 1.9% in Q2 but Commerzbank Sees Volatility Ahead

Switzerland's economy has shown a strong second-quarter growth of 1.9% quarter-on-quarter, driven mainly by net exports to the Euro area excluding Germany. According to Michael Pfister at Commerzbank, this growth is largely due to a one-off export surge rather than a broad-based domestic upswing.

In an interview, Pfister noted that net exports are usually quite volatile and a partial reversal is often observed in the following quarter after such a strong figure. He explained, 'Intermediate goods have to be imported again.'

Given this volatility, Commerzbank only lifts its 2026 growth forecast to 2% and expects the Swiss National Bank (SNB) to focus on inflation rather than react with immediate rate hikes.