by © Marekusz | Dreamstime.com Switzerland’s federal accounts ended 2020 with a record-breaking deficit of CHF 15.8 billion. The deficit was caused by the pandemic. An unexpected CHF 3.6 billion fall in revenue combined with net CHF 12.5 billion in largely unplanned expenses combined to take the overall result CHF 16.1 billion below the expected positive ...
Topics:
Investec considers the following as important: 3) Swiss Markets and News, 3.) Personal Finance, Editor's Choice, Featured, Fiscal deficit Switzerland, newsletter, Personal finance, Switzerland deficit 2020
This could be interesting, too:
Mark Thornton writes The Great Chocolate Crisis of 2024
Mustafa Ekin Turan writes How EU Law Has Made the Internet Less Free for Everyone Else
Thomas J. DiLorenzo writes Attention mises.org Readers! Treat the Students in Your Life to The Best Week of Their Year
Octavio Bermudez writes Mises in Argentina: Lessons of the Past for Today
© Marekusz | Dreamstime.com
Switzerland’s federal accounts ended 2020 with a record-breaking deficit of CHF 15.8 billion. The deficit was caused by the pandemic.
An unexpected CHF 3.6 billion fall in revenue combined with net CHF 12.5 billion in largely unplanned expenses combined to take the overall result CHF 16.1 billion below the expected positive net result of CHF 0.3 billion to deliver a loss of CHF 15.8 billion for the year.
Pandemic-related expenditure amounted to CHF 14.7 billion in 2020. The largest expenditure items were partial unemployment working compensation (10.8 billion) and COVID-19 loss of earnings compensation (2.2 billion).
Initial forecasts included an extra CHF 31 billion of federal government spending rather than CHF 14.7 billion. However, the economic downturn in 2020 turned out to be less severe than expected.
Another negative year is expected in 2021. However, in 2022, 2023 and 2024 the federal government expects to breakeven or make it into positive territory.
The deficit caused net debt to rise by CHF 15.5 billion in 2020. After an accounting adjustment to non-administrative assets, gross debt rose by CHF 6.7 billion to CHF 103.7 billion.
You Might Also Like
Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices
2021-02-22
Update February 22 2021: SNB intervening. Sight Deposits have risen by +0.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +0.1 bn. compared to last week.
Poverty in Switzerland: fresh data on those struggling to get by
2021-02-20
In 2019, the poverty line in Switzerland was CHF 27,348 (US$ 30,500) for a single person and CHF 47,712 (US$ 53,200) for a couple with two young children. The figures are calculated by SKOS based on the cost of living in Switzerland. People with incomes below these levels in Switzerland are considered to by living in poverty.
Middle class shrinks in Switzerland
2021-02-12
Statistics published at the end of January 2021 show a fall in the percentage of the population included in the definition of middle class in Switzerland.
Swiss rents and property prices up in 2020 due to pandemic
2021-01-08
The pandemic had a significant impact on Swiss real estate prices in 2020, according to industry experts.
Switzerland’s population happy with the health system, according to survey
2020-12-14
Switzerland’s health system is rated highly by the public, according to the latest survey conducted in eleven countries by the Commonwealth Fund Foundation.
Swiss government promises one billion francs for Covid hit businesses
2020-11-22
This week, Switzerland’s federal government decided to increase aid money to Covid hit businesses to CHF 1 billion.
Public worker absenteeism costs Geneva 285 million francs a year
2020-11-13
Public worker absenteeism in Geneva costs at least CHF 285 million, according to Heidi.news, which calculated the sum based on information contained in an internal document.
New Swiss initiative to further restrict construction
2020-10-26
Land use is strictly governed in Switzerland. However, a new initiative, which aims to increase construction restrictions further, recently gathered enough signatures to qualify for a a popular vote.
Tags: Editor's Choice,Featured,Fiscal deficit Switzerland,newsletter,Personal finance,Switzerland deficit 2020