Current account surplus of 6 billion in the third quarter
Published: Friday, Dec 20th 2024, 10:20
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The Swiss economy achieved a significantly lower current account surplus in the third second quarter of 2024. From July to September, Switzerland took in CHF 6 billion more than it spent.
The surplus was therefore around 10 billion lower than in the same quarter of the previous year, according to a statement from the Swiss National Bank (SNB) on Friday. All components contributed to the decline.
The decline in the balance of trade in goods was primarily due to merchanting, while traditional trade in goods increased.
Both in trade in services and in primary and secondary income, the expenditure surplus increased compared to the same quarter of the previous year. According to the SNB, the relatively high deficit in secondary income was due to claims payments made abroad by domestic insurers.
The current account records all income and expenditure of an economy, including not only trade in goods but also trade in services (tourism, etc.), labor and capital income and current transfers. A high surplus is a sign of an economy's strength.
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