Estimates throughout 2019 predicted a better than expected outcome for the end-of-year results. The final tally of CHF3.1 billion ($3.1 billion) far exceeds what was budgeted, which was CHF1.2 billion.
The improvement was due in equal measure to higher receiptsExternal link and lower expenditures. Receipts were up 0.9 billion, or 1.2% – largely from withholding tax and direct federal tax. However, Value Added Tax revenues remained below expectations, which the government attributes to the fact that nominal economic growth in 2019 lagged well behind the budget forecast.
The government tends to err on the conservative side when it comes to budget forecasts. Since 2007, only the 2014 financial year ended with a slightly lower result than budgeted. Last year, the budget surplus was CHF 2.9 billion instead of the CHF300 million budgeted. In 2017, the planned shortfall of CHF250 million turned into a surplus of CHF2.8 billion.
External Content
More
More
Swiss economy tipped to remain stagnant next year
This content was published on
A government expert group concluded that economic growth would rise only 0.9% this year, 1.7% in 2020 and 1.2% in 2021. However, much of the expected growth next year will be generated by one-off sporting events, including the Summer Olympics in Tokyo. In its quarterly forecast, the group predicted a slow-down in construction activity and…
Protein in abdominal fat could help shape obesity treatment
This content was published on
The study analysed fat cells from different locations in the body, and found that those in the abdomen have unique properties.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
This content was published on
The State Secretariat for Economic Affairs (SECO) says that Switzerland is currently experiencing an “increasingly broad-based upswing”.
Swiss government predicts moderate economic growth in 2019
This content was published on
The State Secretariat for Economic Affairs (SECO) is expecting the Swiss economy to grow moderately by +1.2% in 2019, it said on Thursday.
Switzerland’s growth hampered by trade tensions, economic slowdown
This content was published on
The Organisation for Economic Co-operation and Development (OECD) has revised its growth forecasts downwards for Switzerland. It also recommended Switzerland raise its retirement age. Swiss GDP is expected to grow by 0.8% this year and by 1.4% in 2020, according to an OECD report published on Monday. Previously, Swiss economic growth had been projected at…
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.