Financing statement, financing of expenditure
in CHF bn
in CHF bn
Following a sharp decline in economic output in 2020 (-2.6%), a robust recovery commenced in spring 2021. Provided the COVID-19 restrictions can continue to be eased, the Swiss economy should grow at an above-average rate of 3.6% in 2021 and 3.3% in 2022.
With the 2022 budget, the budgetary position is gradually returning to normal after the COVID-19 crisis. After the sizeable financing deficits posted in 2020 and 2021, a financing surplus of 619 million is expected again in 2022. Receipts are to reach 78.6 billion in 2022, and thus exceed the 2021 budget (75.8 bn) and the 2021 estimate (76.1 bn). Expenditure is budgeted at 78 billion for 2022, down 4.8% from the 2021 budget. This decrease is due to significantly lower expenditure than the previous year for dealing with the COVID-19 pandemic. COVID-19 expenditure of 1.2 billion is still budgeted for 2022 (see Overview).
The debt brake requirements will be met. Despite the Swiss economy's gradual recovery from the COVID-19 crisis, its capacity is likely to remain slightly underutilized in 2022. The debt brake would therefore permit a financing deficit of 617 million in the ordinary budget. After subtracting the budgeted surplus (23 mn), this leaves structural leeway of 640 million to be used to reduce the shortfall in the amortization account.
The financing surplus budgeted for 2022 will allow gross debt to be reduced again (-0.6 bn). That is after the measures to deal with the COVID-19 pandemic are expected to lead to a further increase in debt in 2021. Gross debt is likely to be 110.5 billion (+6.9 bn) at the end of 2021. The funding requirements will be covered primarily by issuing bonds and money market debt register claims.
Last modification 26.08.2021