Federal budget posts SFr2.8 billion surplus

Higher-than-expected tax revenues have enabled the finance ministry to report a budget surplus of SFr2.8 billion ($3.02 billion) for 2010.

This content was published on February 28, 2011 - 16:05 and agencies

The ministry attributed the surplus to the more rapid economic recovery and only moderate growth in expenditure.

But although revenues are expected to climb from SFr62.83 billion to SFr63.72 billion in 2011, the budget is predicted to slide into deficit in this year.

The ministry said an extraordinary contribution to the federal railways pension fund would contribute heavily to an estimated SFr566 million deficit in 2011, which it has down from a previous estimation of SFr600 million.

Weaker gross domestic product growth, higher spending and structural revenue losses will impact the bottom line in years to come with consecutive deficits expected through to 2014, the ministry said.

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