Industrial production in Switzerland fell by 0.7% year-on-year in the fourth quarter of 2025, after a downwardly revised 2.0% increase in the third quarter. This marked the first contraction since the first quarter of 2024, reflecting a sharp slowdown in output for mining and quarrying (0.5% vs 11.8% in Q3) and manufacturing (0.5% vs 4.5%). Within manufacturing, growth weakened notably in textiles and apparel (8.2% vs 25.1%) and pharmaceutical products (2.7% vs 10.3%), while production for transport equipment plunged (-17.0% vs 4.4%). Meanwhile, electricity supply continued to decline, although at a softer pace (-12.9% vs -24.1%). On a seasonally adjusted quarterly basis, industrial output dropped by 3.3%, following an upwardly revised 0.8% fall in the previous period.