Derivation of the fiscal balance from the statement of financial performance and the statement of investments in CHF bn
SURPLUS/DEFICIT FOR THE YEAR
The 2026 budget anticipates a surplus of 1.6 billion in the statement of financial performance (2025 budget: 1.4 bn). This relatively stable surplus is because of current receipts growing at the same pace as current expenditure (+4.2 bn). The growth in current receipts is attributable primarily to the Swiss supplementary tax (QDMTT), which will be levied for the first time in 2026 (+1.6 bn), as well as direct federal tax receipts (profit tax: +1.1 bn; income tax: +1.1 bn).
The growth in current expenditure can be explained by higher expenditure for social welfare (+1.5 bn; especially for the 13th monthly AHV pension payment) and research and innovation (+0.7 bn), among other things. Expenditure is up also in the finances and taxes task area (+1.4 bn; third parties' shares of federal receipts and fiscal equalization), due largely to the cantons' share of the supplementary tax revenue.
The financing contribution from the statement of financial performance – self-financing – is to remain stable at 4.6 billion. By contrast, the valuation changes regarding administrative assets, which concern essentially depreciation, amortization and unrealized gains on financial interests, are set to fall overall to -3.0 billion.
NET INVESTMENTS
Net investments will rise by 0.1 billion to 5.5 billion year on year. While investment receipts are set to edge up to 1.1 billion (+87 mn), investment expenditure will climb by 0.1 billion to 6.5 billion. This trend can be observed in several task areas and is attributable primarily to energy and international relations.
OVERALL FISCAL BALANCE
In the 2026 budget year, self-financing from the statement of financial performance (difference between current receipts and expenditure) will not be sufficient to finance the planned net investments (difference between investment receipts and investment expenditure). A financing deficit of 0.8 billion is budgeted.
The ordinary financing deficit is 609 million, which means that the cyclical financing deficit permitted by the debt brake (-717 mn) is largely exhausted, with the remaining room for maneuver amounting to 108 million.
The financing deficit in the extraordinary budget is 236 million. Extraordinary receipts are budgeted at 0.3 billion (special Swiss National Bank payment). On the expenditure side, only some of the contributions to the cantons for people from Ukraine seeking protection will be recognized as extraordinary (0.6 bn out of a total of 1.25 bn).
TOTAL FEDERAL INVESTMENTS Around half of the Confederation's investments are made using the federal budget. The other half originates from funds that are financed via the federal budget. To obtain a comprehensive overview of investing activities, fund investments also have to be taken into account. In 2026, total investments should reach 13.2 billion, or 14% of ordinary federal expenditure. Around 54% of this amount will go to transportation infrastructure, partly via the railway infrastructure fund (RIF), partly via the motorway and urban transportation fund (urban transportation share) and partly via the federal budget (deposit in the motorway and urban transportation fund for motorway construction). Additional funding will go from the grid supplement fund (GrSF) to promote renewable energies and energy efficiency. |
Data
Detailed data for longer periods are available under the following links:
- Link data portal
- Link Open Government Data
Last modification 18.08.2025