Following on from a robust first quarter (+0.9%), Switzerland's GDP adjusted for sporting events remained flat in the second quarter of 2023 (+0.0%).1 Industry saw a decline in value added, while the service sector again grew at an above-average rate. After a positive start to the year, manufacturing (−2.9%) recorded declining value added in the second quarter. One factor in this was the marked decline in the chemical and pharmaceutical industry (−2.3%), which had been moving more or less sideways since the highgrowth years of 2015 to 2022. At the same time, the challenging international environment is weighing on ... (full story)