Overall fiscal balance in CHF bn
2025 FINANCIAL STATEMENTS
The statement of financial performance shows a gain of 1.0 billion in the 2025 budget. Current receipts are set to grow at a significantly faster pace than current expenditure (+3.3% and +1.6%, respectively); self-financing will thus rise to 4.2 billion. By contrast, depreciation, amortization and other changes in the valuation of administrative assets are largely stable (-3.2 bn). Net investments (investment expenditure less investment receipts) will fall to 4.9 billion (-0.5 bn).
The financing contribution from the statement of financial performance – self-financing (4.2 bn) – will not be sufficient to fully finance the planned net investments (4.9 bn). In other words, expenditure will exceed receipts. Consequently, a financing deficit of 0.7 billion is budgeted for 2025. Around half of the 2025 financing deficit is attributable to the ordinary budget, and half to the extraordinary budget.
The expected financing deficit is responsible for net debt rising to 145.1 billion in the 2025 budget (+0.7 bn). Net debt is also affected by transactions that are recognized directly in net assets/equity rather than in the statement of financial performance. However, these are not budgeted for.
The Swiss economy is likely to grow more vigorously in 2025 than in 2024, due to the gradual recovery of the global economy. The federal government's expert group anticipates real economic growth of 1.2% in 2024 and 1.7% in 2025. Inflation is likely to normalize further (1.4% in 2024 and 1.1% in 2025). Overall, nominal economic growth of 2.6% (2024) and 2.8% (2025) is anticipated.
The financing deficit in the ordinary budget is 397 million, which means that the cyclical deficit permitted by the debt brake (-512 mn) is not exhausted. There is still some leeway of 115 million. The debt brake requirements are thus met in the 2025 budget. However, the structural financing deficits will increase significantly from 2027 onward, reaching 2.5 billion.
Data
Detailed data for longer periods are available under the following links:
- Link data portal
- Link Open Government Data
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Last modification 15.08.2024