Swiss government corrects financial projections downward

The expected financing deficit for 2023 is higher than what the government forecasted in June. © Keystone / Gaetan Bally

The federal government expects a financing deficit of CHF1.8 billion ($2 billion) in 2023, which is CHF300 million higher than forecast in the June projection.

Compared with the June forecast, ordinary expenditure is expected to be slightly higher (CHF80.4 billion instead of CHF80.1 billion) – mainly because supplementary credits and credit overruns are estimated to be higher, the Federal Department of Finance (FDF) announced on Wednesday. The estimate of ordinary revenues remains unchanged from the June projection.

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The 2023 budget had originally forecast a deficit of CHF4.8 billion. The improvement compared with the estimate is due to the fact that the rescue package for the electricity industry is not needed based on the current situation. Some CHF4 billion had been budgeted as extraordinary expenses.

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