Federal finance Administration FFA

The birth rate in Switzerland is at its lowest level on record. Persistently low birth rates are slowing the growth of the domestic working-age population and speeding up the ageing of the population. As a result, they also pose challenges for the public finances.The FFA's new working paper analyses the causes and consequences of persistently low birth rates, and identifies potential approaches for forward-looking economic and fiscal policy.Working paper no. 30: “Low birth rates: A fiscal policy assessment” (available in German only; summaries in French, Italian and English).

The general government, comprising the Confederation, cantons, municipalities and social security schemes, is expected to generate a financing surplus of around CHF 4 billion in 2025. The general government's gross debt, as defined by the International Monetary Fund (IMF), is expected to rise by around CHF 5.4 billion to CHF 353.2 billion in 2025 (40.7% of GDP).This is shown in the latest financial statistics figures, which are available on the website of the Federal Finance Administration:Main aggregatesDetailed FS data (financial statistics, for national comparability)Detailed GFS data (Government Finance Statistics, based on the IMF standard)International comparison

The Swiss Confederation issued two bonds by auction on 08.07.2026: 2.25%, maturity 22.06.2031 (reopening) and 2.50%, maturity 08.03.2036 (reopening). The issuance volume (excluding own holdings) amounts to a total of 359.985 million francs.