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 statement of financial performance ended 2023 with a surplus of 877 million, with current receipts growing more robustly (+5.1%) than current expenditure (+0.2%). Consequently, the financing contribution from the statement of financial performance – self-financing – rose from -307 million to 3.4 billion. By contrast, valuation changes regarding administrative assets, which include in particular unrealized gains on financial interests and depreciation and amortization, were largely unchanged.
NET INVESTMENTS
Net investments decreased slightly year on year, and amounted to 4.8 billion (-110 mn). In terms of receipts, this was due to the special dividend received within the framework of the privatization of RUAG International Holding AG (200 mn). As a result, investment receipts rose to 1.0 billion (+120 mn).
Investment expenditure remained stable at 5.8 billion (+10 mn). Only in the area of military national defense was considerably more invested (+349 mn). By contrast, there was a reduction in expenditure on disease control (COVID-19 vaccines; -452 mn), among other things. Funds had been budgeted for the rescue mechanism for the electricity industry (credit facility of 4 bn per year for Axpo Holding AG). This was not utilized during the fiscal year.
OVERALL FISCAL BALANCE
The level of self-financing arising from the statement of financial performance (difference between current receipts and current expenditure) was not sufficient to finance net investments (difference between investment receipts and investment expenditure). There was a financing deficit of 1.4 billion.
The ordinary financing deficit amounted to 0.7 billion. Overall, ordinary receipts grew more rapidly (+7.1%) than ordinary expenditure (+2.8%). This was due partly to direct federal tax and withholding tax, which were low in 2022 particularly because of exceptional factors, and partly to COVID-19 expenditure, which largely ceased in 2023.
TOTAL FEDERAL INVESTMENTS Almost two thirds of the Confederation's investments are made using the federal budget. The remaining third originates from funds that are financed via the federal budget. To obtain a comprehensive overview of investing activities, fund investments thus have to be taken into account as well. In 2023, total investments amounted to 11.1 billion, representing roughly 15% of ordinary federal expenditure. It is worth noting that funds had been budgeted for the rescue mechanism for the electricity industry (credit facility of 4 bn per year for Axpo Holding AG). This facility was not utilized. |
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 25.03.2024