The Swiss investors’ sentiment index rose by 7.4 points to -46.4 in September 2025, from -53.8 in August, although it is still far weaker than the -8.8 recorded a year earlier. Sentiment remains dampened by the US imposing 39% tariffs on Swiss exports in August - a major blow, as the US takes about 17% of Switzerland’s total exports. The current conditions index rose modestly to 3.6, from 0 a month and a year ago. UBS noted the rebound is limited compared to past recoveries, with nearly half of surveyed analysts expecting no change in Swiss economic conditions over the next six months. Longer-term growth expectations have also turned gloomier: while in March and June analysts mostly expected GDP growth of 1–2% over the next three to five years, the September survey shows most now anticipate just 0–1%. This shift highlights concerns that Switzerland’s growth trajectory is slowing amid trade headwinds and weaker global demand.