Schweiz ZEW-Konjunkturerwartungen

The Swiss investors’ sentiment index plunged 56.2 points month-on-month to -53.8 in August 2025, signaling renewed pessimism after a brief positive reading of 2.4 in July. This is the weakest level since November 2022, largely weighed down by the introduction of 39% US tariffs on Swiss exports in early August. The US accounts for roughly 17% of Switzerland’s total exports, making it the country’s largest export market. Analysts expect Swiss export momentum to weaken over the next six months, with the relevant sub-index dropping sharply from -35.1 to -89.8, the largest drag on overall sentiment. Meanwhile, the current conditions index remained neutral at 0, down from 9.5 in the previous month, reflecting subdued assessments of the present economic situation.