Development of net debt

in CHF bn and % of GDP

Net debt is likely to rise by 0.9 billion to 137 billion in 2023 because of the expected financing deficit. Net debt is also affected by transactions directly in net assets/equity. However, these are not budgeted for. The increase in net debt in 2020 and 2021 was attributable to expenditure in connection with the COVID-19 pandemic. This was covered partly by financial liabilities (money market debt register claims and bonds), and non-administrative assets were also used for this purpose and reduced accordingly.

The net debt ratio is likely to fall to 17.1% in 2023 (2022: 17.5%), as the increase in net debt (+0.6%) is smaller than nominal GDP growth (3.2%).


As part of the revision of the FBA to "simplify and optimize budget management", the definition of receipts and expenditure was expanded and standardized. Provisions and accruals and deferrals now generally affect debt when they are created or released and not only when they are utilized. Consequently, the definition of net debt has been adjusted and 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 from the overall fiscal balance.



Last modification 22.08.2022

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