by Switzerland’s budget faces a sizeable deficit despite fewer pandemic costs than expected. Keystone / Gaetan Bally The coronavirus pandemic will have a lighter impact on Swiss state finances than previously feared but will still put the country’s budget in the red, the finance ministry forecasts. Measures to support companies and workers during the pandemic were expected to cost CHF7.4 million (.4 billion) during the last forecast in June. But on Wednesday, the finance ministry revised the expected cost down to CHF6.1 billion. The main reason is that fewer companies have applied for funding to cover the costs of staff on placed on shortened working hours than were expected. The revised sum is enough to create a probable budget deficit of CHF4.1 billion for
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Switzerland’s budget faces a sizeable deficit despite fewer pandemic costs than expected. Keystone / Gaetan Bally
The coronavirus pandemic will have a lighter impact on Swiss state finances than previously feared but will still put the country’s budget in the red, the finance ministry forecasts.
Measures to support companies and workers during the pandemic were expected to cost CHF7.4 million ($7.4 billion) during the last forecast in June. But on Wednesday, the finance ministry revised the expected cost down to CHF6.1 billion.
The main reason is that fewer companies have applied for funding to cover the costs of staff on placed on shortened working hours than were expected.
The revised sum is enough to create a probable budget deficit of CHF4.1 billion for 2022 but the hole in finances was previously estimated at CHF5 billion.
Without the extraordinary Covid-19 expenses, the budget would record a small surplus of CHF400,000, which indicates that tax receipts are meeting normal federal spending requirements.
The finance ministry noted that its latest forecast could be subject to further change with the country facing new pressures, such as rising energy costs and possible power shortages.
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