Swiss National Bank

The Swiss National Bank (SNB) assesses that inflation has recently been lower than expected, but medium-term inflationary pressures remain stable. The SNB will continue to monitor economic conditions and adjust its monetary policy as necessary to maintain price stability and support economic growth.

• Inflation decreased slightly from 0.2% in August to 0.0% in November, driven by lower prices in the hotel industry, rents, and clothing.
• The medium-term inflation forecast remains stable, with average annual inflation projected at 0.2% for 2025, 0.3% for 2026, and 0.6% for 2027.
• Global economic growth has been stronger than expected, but uncertainties remain, particularly regarding US tariffs and trade policy.
• Swiss GDP contracted in the third quarter, primarily due to a decline in the pharmaceuticals industry, contributing to rising unemployment.

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