Federal finances at a glance

2022 financial statements

Financing statement, financing of expenditure in CHF bn

Substantial extraordinary expenditure was incurred once again in 2022, on the one hand for COVID-19 measures (3.3 bn), and on the other for people from Ukraine seeking protection (0.7 bn). As a result, 2022 saw another large financing deficit of 4.3 billion. Economic growth was less vigorous than expected in the budget, with real economic growth amounting to 2.1 % (budget: 3.3 %). The anticipated catch-up effects after the COVID-19 pandemic were tempered by the war in Ukraine, inflation (2.8 %), driven primarily by energy and commodity prices, and central banks' tighter monetary policy. Factoring in inflation, nominal economic growth was 5.4 %, which was much stronger than expected at the time of budgeting (3.8 %).

Receipt growth was weak compared with the previous year (+0.8 bn, or +1.0 %) and fell well short of the budgeted figure (-1.8 bn, or -2.3 %). Expenditure was down significantly year on year because of lower coronavirus-related expenditure (-7.1 bn, or -8.1 %), but the budgeted level was reached (+0.2 bn, or +0.2 %).

The Swiss economy remained below its potential in 2022. In the ordinary budget, the debt brake would have permitted a cyclical deficit of 0.3 billion. The ordinary financing deficit amounted to 1.9 billion at the end of 2022. This was the first structural deficit since 2005 (-1.6 bn).

The funding requirements were covered by the federal government increasing its short-term and long-term liabilities (+11.8 bn). As a result, gross debt rose to 120.0 billion, or 15.6 % of GDP. Net debt (gross debt less non-administrative assets) climbed by 6.9 billion to 83.0 billion.


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 amendments include, among other things, the adjustment of the definition of receipts and expenditure, as well as the deletion of the financing statement, and will be applied for the first time for the 2023 budget year. These 2022 financial statements were prepared in accordance with the old legislation (FBA as of 1.1.2016). The charts show the figures up to 2022 according to the old legislation, and from 2023 onward according to the new legislation.



Last modification 01.05.2023

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