Federal finances at a glance

2020 budget

Ordinary financing statement, financing of expenditure

in bn

Despite the implementation of the tax reform and AHV financing (TRAF), a surplus of around 0.6 billion is expected in the ordinary budget for 2020. The positive result is made possible by the momentum of direct federal tax and withholding tax. With growth of 2.9%, receipts are up on the 2019 budget, although the figure budgeted for 2019 is likely to be exceeded. Relative to the 2019 budget, receipts will grow by 2.1% in 2020, which is slightly less than the expected nominal economic growth rate of 2.3%. Federal expenditure will rise by 3.8%, and thus significantly more than the economy and receipts. This is largely due to the implementation of the Federal Act on Tax Reform and AHV Financing (TRAF), which was adopted in the referendum of May 19, 2019. The debt brake requirements will be met. The structural surplus will amount to 0.7 billion. Gross debt is expected to decrease further to 93.7 billion in 2020.