Federal finances at a glance

2023 budget

Overall fiscal balance in CHF bn

The 2023 statement of financial performance shows a slight surplus of 304 million. A deficit had been budgeted for 2022 (-498 mn). The improved result is due to stronger growth in current receipts (+3.0%) than in current expenditure (+1.7%). In contrast, the budgeted valuation changes regarding administrative assets are largely stable. Net investments will also remain stable at 4.5 billion in 2023.

In the 2023 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 financing deficit of -0.9 billion is budgeted for 2023. This new debt is largely attributable to the ordinary budget (-0.7 bn). The debt brake will nevertheless be complied with, as it permits a larger cyclical financing deficit in the ordinary budget.

The expected financing deficit is responsible for net debt rising to 137 billion in the 2023 budget (+0.9 bn).

The Swiss economy will continue to recover from the COVID-19 pandemic, but the international outlook has clouded over, due mainly to the war in Ukraine and rising prices. The federal government's expert group anticipates real economic growth of 2.6% in 2022 and 1.9% in 2023. There is major uncertainty associated with the war in Ukraine.


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 are applied for the first time in the 2023 budget.

One key aspect is the abolition of the financing statement. The fiscal balance, or receipts and expenditure, is now derived from the statement of financial performance and the statement of investments. In addition, the creation (reversal) of accruals and deferrals and provisions will also be recognized in the case of expenditure (receipts). As a result, these items are subject to the debt brake at an earlier stage than before.

In order to enable prior-year comparisons, the 2021 financial statements and the 2022 budget have been adjusted accordingly.



Last modification 23.08.2022

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