Development of net debt

in CHF bn and % of GDP

Note: data for 2025 to 2027 based on latest budget assessment

Given the financing deficit of 1.4 billion, net debt for fiscal 2023 rose to 141.7 billion (+2.7 bn). Its level was also influenced by financial transactions charged directly to net assets/equity (1.3 bn). These included the revaluation of employee retirement benefit liabilities and financial transactions due to changes in interest rate forecasts.

The debt ratio remained stable at 17.8% in 2023, as the increase in net debt (+1.9%) was on par with nominal GDP growth (2.3%).


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 and transactions charged directly to net assets/equity.



Last modification 25.03.2024

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