Switzerland’s Export Woes Hit Economy Before Trade Deal

Switzerland’s first quarter of contraction in more than two years was driven by trade as pharmaceutical and chemicals exporters reeled from the impact of outsized US tariffs.

Gross domestic product adjusted for large sport events fell 0.5% in the three months through September from the prior period, according to the State Secretariat for Economic Affairs, confirming an initial estimate released last week. The decline compares to growth of 0.2% in the second quarter, revised up from 0.1% previously reported.