Positive Results for Cantons and Social Security
Published: Thursday, Oct 12th 2023, 10:00
Mise à jour le : Vendredi, 13 octobre 2023, 14:12
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The Swiss Federal Finance Administration (EFV) has announced that the public finances of the Swiss government are expected to be in the black in 2022. The total state, including the federal government, cantons, municipalities and social security, is expected to have a surplus of 6.9 billion Swiss francs. This is due to the economic recovery following the Covid-19 pandemic. The cantons and social security are expected to have a surplus of 5 billion francs each, while the federal government and municipalities are expected to have a deficit of 2.9 billion and 200 million francs respectively.
The EFV also expects a positive result for the public finances in 2023 and 2024, due to the surpluses of the cantons and social security. This is due to the high employment rate and the VAT increase as part of the AHV reform. The EFV predicts that the total state will have a surplus of 8.2 billion francs in 2023 and a net debt ratio of 14 percent of the gross domestic product (GDP) in 2024.
The EFV identifies the biggest risks to the public finances as geopolitical, such as the war in Ukraine, rising energy and raw material prices, and supply and delivery difficulties. Monetary policy could also become more restrictive worldwide and in Switzerland, leading to higher government spending and lower fiscal revenues. Another risk is the dividend payments of the Swiss National Bank.
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