Government reports budget surplus exceeding forecast
The government has beaten its own forecast and is reporting a budget surplus of over CHF 3bn.
It was thought Switzerland would be in the black by CHF 1.2bn.
The figures show the improved result is due to reduced spending and higher direct federal tax revenues. Although VAT receipts are lower than forecast.
The good numbers are despite a lower than expected economic growth.
The government has a history of conservative forecasts – only once in the last 13 years has the final figure been below predictions.