Economic growth puts paid to budget deficit
The government's finances will be back in the black sooner than expected, according to the finance minister, Kaspar Villiger.
Speaking on Thursday, Villiger predicted the government will end the year with a surplus, rather than the forecast SFr 1.8 billion ($1.05 billion) deficit.
He attributed the improvement in state finances to the strength of the economic recovery. However, he cautioned that the good economic data did not mean the government could afford to cut taxes further or increase spending.
Villiger said he still needed to make savings worth SFr200 million to meet his budget for next year. The maximum deficit in 2001 has been set at SFr500 million.
The government predicts its finances will be firmly in the black by 2002, and has budgeted a total surplus of SFr2 billion for the years 2002 to 2004.
Tax cuts worth SFr1.4 billion have already been planned for next year.
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