Development of net debt

in CHF bn and % of GDP

Due to the expected financing deficit, net debt is set to climb by 2.6 billion to 142.5 billion in 2024, assuming that the rescue mechanism for Axpo Holding AG (2023-2026: 4 bn p.a.) is not utilized. Net debt is also affected by transactions directly in net assets/equity. However, these are not budgeted for.

The net debt ratio is likely to fall to 17.4% in 2024 (2023 budget: 17.6%), as the increase in net debt (+1.9%) is smaller than nominal GDP growth (3.0%).


The definition of net debt is broader than gross debt in accordance with the Maastricht definition. Total liabilities are recognized on the liabilities side (including provisions and other liabilities). Net debt, consisting of liabilities less non-administrative assets, allows new debt to be derived directly via the overall fiscal balance.



Last modification 21.08.2023

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