Swiss public accounts better than expected in 2017
Finance Minister Ueli Maurer says the surplus could not have been predicted.
Keystone
Swiss government accounts closed with a surplus of CHF2.8 billion ($3 billion) for 2017, compared with a forecast deficit of CHF250 million, Finance Minister Ueli Maurer said at a press conference in Bern on Wednesday. This was due mainly to higher-than-estimated tax revenues.
The surplus would have been even higher, at CHF4.8 billion, had it not been for an accounting provision of CHF2 billion.
The real surplus of CHF2.8 billion is due mainly to receipts from tax advances, which were nearly a third higher than expected at CHF8.83 billion. The windfall could not have been predicted, the government says.
External Content
Total revenue was up 5.4% on 2016 at CHF71.09 billion, while expenditure rose 2% to CHF68.3 billion. This was down 0.6% on the overall forecast. However, the drop in expenditure was bigger in the areas of social security (-CHF333 million), transport (-CHF155 million), as well as training and research (-CHF111 million).
Extraordinary income of CHF177 million was also generated. The Competition Commission collected fines of CHF99 million, and CHF78 million was also collected as part of Swissair’s liquidation settlement.
At its meeting today, the Federal Council also set out the 2019-2021 financial plan, which predicts surpluses of just over one billion for both 2019 and 2020 and 1.9 billion for 2021.
Popular Stories
More
Culture
Wealth is not all: how gentrification in Zurich has led to housing shortage
Swiss invention: 90-year anniversary of first T-bar ski lift
This content was published on
On Monday it will be 90 years since the world’s first T-bar ski lift went into service in Davos. This Swiss invention was an instant success.
Iran summons Swiss ambassador over US and Italy arrests
This content was published on
Iran has summoned the Swiss ambassador, who represents US interests, to protest against the arrest in the US and Italy of two Iranians.
Swisscom receives greenlight for acquisition of Vodafone Italia
This content was published on
The takeover of Vodafone Italia by Swisscom is nearing completion. All relevant authorities have now approved the €8 billion (CHF7.45 billion) deal.
Novo Nordisk stock market plunge drags down Swiss device maker Ypsomed
This content was published on
The Danish pharmaceutical giant, Novo Nordisk, faced setbacks on Friday that weighed on the share price of Swiss injection device manufacturer Ypsomed.
Swiss press react to EU deal with mix of euphoria and scepticism
This content was published on
Swiss media reaction to the agreement between Switzerland and the EU varies widely. Some are celebrating, while others worry about what is to come.
Swiss Solidarity donations to tackle child abuse top CHF4 million
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), has raised over CHF4 million ($4.3 million) to tackle child abuse.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Federal taxes: billions of francs and muted opposition
This content was published on
Swiss voters will have the final say in March on the government’s right to tax its citizens and companies, including value added tax (VAT).
National conference divided on how to halt rising healthcare costs
This content was published on
The fifth Swiss national health conference on Monday centred on one major bugbear: costs. Attendees were divided on how to halt the rise.
This content was published on
“Switzerland is heading towards bankruptcy,” declared the weekly magazine Facts in 1997 after a series of deficits in the state coffers running into the billions. The magazine folded a few years later, while the Swiss public accounts are today in good shape. Actually they are in excellent shape. Along with Norway – where income from…
This content was published on
Swiss voters approved a so-called ‘debt brake’ on federal public finances in 2001, which was put into operation in 2003. A decade later, the mountain of government debt – that soared to dangerous levels during the 1990s and early 2000s – has been reduced by CHF20 billion ($23 billion) from its 2005 peak. The ratio…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.