Federal finances at a glance


Overall fiscal balance  in CHF bn

The 2024 statement of financial performance shows a deficit of 291 million. A surplus had been budgeted for 2023 (+339 mn). The deterioration is due to the fact that current receipts (+2.1%) are growing much more slowly than current expenditure (+3.3%). By contrast, the budgeted valuation changes regarding administrative assets are largely stable. Net investments will rise from 8.5 billion to 9.5 billion.

In the 2024 budget year, self-financing from the statement of financial performance (= current receipts less current expenditure) will not be sufficient to finance the planned net investments (= investment receipts less investment expenditure). In other words, receipts will not cover total expenditure. Consequently, a sizeable financing deficit of 6.6 billion is budgeted for 2024. This is due to substantial extraordinary expenditure of 6.4 billion in total, which includes the rescue mechanism for Axpo Holding AG (4 bn) and the one-time capital contribution to SBB (1.2 bn), as well as contributions to the cantons for people from Ukraine seeking protection (1.2 bn). The debt brake requirements will be met.

Due to the expected financing deficit, net debt will increase to 142.5 billion in the 2024 budget (+2.6 bn), assuming that the rescue mechanism for Axpo Holding AG (4 bn each year from 2023 to 2026) is not used.

In 2024, the Swiss economy is expected to recover from its below-average growth of 2023. The federal government's expert group anticipates real economic growth of 1.1% in 2023 and 1.5% in 2024. Inflation is likely to ease gradually in 2023, and reach 1.5% in 2024 (2023: 2.3%). The risks to economic growth remain elevated because of inflation, which is still high internationally, and the possibility of an energy shortage in the coming winter of 2023/2024.


The amendment to the Financial Budget Act (FBA; SR 611.01) to "simplify and optimize budget management" was brought into effect on January 1, 2022. The changes were applied for the first time in the 2023 budget. The figures in the 2022 and 2021 financial statements were adjusted accordingly. The changeover to the accrual basis for direct federal tax was likewise taken into account.



Last modification 21.08.2023

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