Current account balance with high surplus of 16 billion euros in the first quarter
Published: Monday, Jun 24th 2024, 09:40
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The Swiss economy once again achieved a high current account surplus in the first quarter of 2024. From January to March, Switzerland took in CHF 16 billion more than it spent.
The surplus was therefore 5 billion higher than in the same quarter of the previous year, according to a statement from the Swiss National Bank (SNB) on Monday. However, it was relatively low in the same quarter of the previous year.
Trade in goods was the main contributor to the increase in the current account balance. According to the SNB, this increased due to a higher balance of gold trading (for non-monetary purposes) and merchanting.
However, the balances of trade in services, primary income and secondary income have not changed significantly compared to the same quarter of the previous year.
The current account records all income and expenditure of an economy, including trade in goods, trade in services (tourism, etc.), labor and capital income as well as current transfers. A high surplus is a sign of an economy's strength.
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