瑞士第四季度GDP增长0.2%，制药业扩张1.9%

Core Viewpoint - Switzerland's export engine is stabilizing, primarily driven by the pharmaceutical sector, with a reported 1.9% growth in the fourth quarter contributing to a 0.2% increase in GDP adjusted for major sporting events [1][2]. Economic Growth - The fourth quarter's GDP growth of 0.2% aligns with initial estimates, while the previous quarter's economic contraction was revised from 0.5% to 0.4%, indicating a milder economic downturn than previously anticipated [1][2]. - Excluding revenues related to major sporting events, the GDP growth would have been only 0.1%, suggesting that while growth has resumed, it remains modest and may depend on the sustainability of trade conditions [1][2]. Pharmaceutical Sector - The pharmaceutical and chemical manufacturing sectors were key contributors to the economic growth, achieving a 1.9% increase in the fourth quarter [1][2]. Trade Agreements and Legal Developments - The economic recovery coincided with a trade agreement between Switzerland and the United States, which may help stabilize the economy that heavily relies on cross-border demand [1][2]. - A recent Supreme Court ruling that overturned the legal basis for tariffs imposed by Donald Trump increases the likelihood of Swiss companies receiving refunds for previously paid taxes, which could be significant for investors assessing the profitability of export-driven industries [1][2].