On 24 September 2026 the Swiss National Bank (SNB) decided to keep its policy rate at 0%. The central bank said medium‑term inflationary pressure had risen only slightly since June, allowing monetary policy to remain appropriate for price stability and economic development. The SNB also reaffirmed its willingness to act in the foreign‑exchange market if needed to sustain suitable monetary conditions.
Global economic growth in the second quarter of 2026 exceeded expectations, despite higher energy prices that weighed on activity. Inflation remains above target in many major economies and is expected to stay elevated for some time.
Swiss gross domestic product expanded strongly in Q2 2026, driven by an unusually robust chemicals and pharmaceuticals sector that amplified overall growth. Even excluding that sector, growth was solid and broad‑based. The SNB projects annual GDP growth of 1.5%‑2% for 2026 and about 1.5% for 2027.
Consumer price inflation in Switzerland rose from 0.6% in May to 0.8% in August, reflecting imported inflation as oil product prices climbed sharply. Short‑term inflation expectations fell modestly after a sharp rise in the previous quarter, while longer‑term expectations were virtually unchanged, staying within the range compatible with price stability.
The SNB highlighted high uncertainty in the outlook, particularly due to geopolitical tensions in the Middle East. Since mid‑June, the yield curve on Swiss Confederation bonds has shifted upward, and the Swiss franc has depreciated against major trading‑partner currencies. Swiss equity prices were near June levels, residential real‑estate prices continued to rise, and growth in broad monetary aggregates slowed with little change in loan growth.
Company surveys conducted by the SNB for the third quarter indicated robust economic activity. Manufacturing activity accelerated, services maintained solid momentum, and construction order books remained full. Firms expect a strong rise in turnover and report lower uncertainty than in the previous quarter. Staffing levels are reported as slightly tight, prompting plans to increase hiring; wage growth is projected at 1.3% in 2027 after 1.5% in 2026. Companies also face higher transport costs and a modestly tougher procurement environment, with longer delivery times for petroleum‑based products and electronic components and elevated price momentum.
