(25.02.2026) While the European industrial climate remains subdued, Swiss companies showed a slight improvement in January 2026. The Raiffeisen Bank SME PMI rose by 0.8 points to 50.2, thereby moving back above the growth threshold.
The improvement was driven primarily by export-oriented companies. In contrast to previous months, SMEs focused on the domestic market did not contribute to the overall increase.
Inventories recorded the strongest rise, increasing from 46.8 to 50.9 points. Production volume advanced from 49.9 to 52.3 points. The order book component recovered to 50.8 points, up 1.2 points. By contrast, the employment component weakened markedly, falling from 49.5 to 46.5 points. Export-oriented firms were also affected.
The European industrial environment remains mixed. The euro area PMI rose from 48.8 in December 2025 to 49.4 in January 2026 but remains below the growth threshold. Order books in the European industry also remain weak, with the respective component declining from 47.8 to 47.2 points.
In response to these challenges, Swiss SMEs are adjusting their strategies. Export-oriented companies are primarily focusing on expanding into new markets. One third of these firms, and nearly half of those active in the United States, identify this measure as a priority. Around 30 per cent of domestically oriented companies plan to improve efficiency. Despite strong cost awareness, only around one in ten SMEs is considering job reductions.
Last modification 25.02.2026
