On 17 August 2022, Switzerland’s government announced a new net spending estimate for 2022 showing a deficit of CHF 5 billion, more than double the budget deficit of CHF 2.3 billion announced in December 2021.
The two main drivers of the higher estimated loss for 2022 are higher spending related to the Covid-19 pandemic (+3.2 billion) and aid related to the Ukraine war and Ukrainian refugees (+0.9 billion). The total of these spending increases (+5.0 billion) were partially offset by higher receipts (+0.8 billion) and lower ordinary spending (+0.6 billion), bringing the net deficit increase to 2.7 billion1.
Switzerland’s federal government is required to update budget estimates twice a year based on financial results at 30 June and 30 September. The recently published figures are based on results to 30 June 2022 and contain estimates covering the last 6 months of 2022 and so contain a high element of uncertainty.
More on this:
Government press release (in French) – Take a 5 minute French test now
12.3 (budget) – 5.0 (new estimate) = -2.7 = 0.8 (higher receipts) + 0.6 (lower ordinary spending) – 3.2 (higher Covid spending) – 0.9 (Ukraine aid).
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