(17.09.2025) Orders are becoming scarcer for Swiss companies. In August, Raiffeisen Bank’s SME PMI index was revised down (-0.6 points) to 49.7. This is the first time the indicator has fallen below the growth threshold since March 2025.
Orders posted the sharpest decline (-3.3 points to 50.0) between July and August 2025. Production also fell (-1.2 points to 49.5) – moving into contraction for the first time since the first quarter of 2025.
While the employment (+0.8 points to 49.5), delivery times (+1.4 points to 49.6) and inventories (+3.1 points to 49.6) components improved during this period, they still remained below the growth threshold.
This development in Switzerland contrasts with the euro area, where the PMI returned to growth for the first time since 2022.
The 39% US customs tariffs are cited as a key factor. According to Raiffeisen, more than 40% of Swiss SMEs exporting to the United States expect to raise their prices either partially or substantially. Only 13% do not plan to pass on any impact to clients, while one in ten foresees limited increases.
For more than half of exporting companies active in the US market (51%), higher prices are expected to lead to a moderate to strong erosion of demand. One in three has not yet assessed the impact of customs duties on prices or margins.
More than two-thirds of Swiss SMEs surveyed (69%) believe their business will be affected – directly or indirectly – by US protectionist measures. Most of them (63%), however, do not expect severe consequences.
Last modification 17.09.2025
