Current account surplus of 20 billion in the second quarter
Published: Friday, Sep 20th 2024, 09:30
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The Swiss economy once again achieved a high current account surplus in the second quarter of 2024. From April to June, Switzerland earned CHF 20 billion more than it spent.
The surplus was therefore almost 6 billion higher than in the same quarter of the previous year, according to a statement from the Swiss National Bank (SNB) on Friday. This was primarily due to trade in goods.
According to the SNB, traditional trade in goods and trade in gold for non-monetary purposes contributed to the increase in the goods trade balance. By contrast, the surplus in merchanting was lower than in the same quarter of the previous year.
The SNB explained that the surplus expenditure on secondary income also contributed to the higher balance. This was because it had decreased compared to the previous year. Meanwhile, the balances for trade in services and primary income did not show any significant changes.
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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