Debt and debt ratio

in CHF bn and % of GDP

Gross debt comprises current liabilities as well as short- and long-term financial liabilities. The former are mainly liabilities toward taxpayers and the cantons, while the latter are outstanding debt instruments of the Confederation (bonds and money market debt register claims). The 11.4 billion rise in gross debt was primarily due to the increase in money market debt register claims (+4.4 bn), bonds (+3.2 bn), liabilities toward the Substitute Occupational Benefit Institution (+2.0 bn) and liabilities toward unemployment insurance (+1.6 bn).

Net debt is defined as gross debt less non-administrative assets. Non-administrative assets could be used to repay debt if necessary. Net debt rose by 6.9 billion during the year under review. This consisted of the 11.4 billion rise in gross debt, less the 4.5 billion increase in non-administrative assets. Part of the rise in debt was thus used to increase non-administrative assets and cash and other liquid assets, which meant that the federal government was ready to use the rescue mechanism for the electricity industry if necessary (4 bn for Axpo Holding AG).


As part of the FBA revision to "simplify and optimize budget management", it was decided to define net debt more broadly from 2023 onward (liabilities including provisions and accruals/deferrals, less non-administrative assets). This definition was applied for the first time for the 2023 budget. The old definition is still used in the 2022 state financial statements.



Last modification 01.05.2023

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