Switzerland: public finances

Does the Swiss federal government have a deficit?

The Swiss federal government recorded a financing surplus of CHF 259 million in 2025, its first positive result since 2019, according to the Federal Finance Administration federal accounts 2025. Receipts were CHF 87.8 billion and expenditure CHF 87.6 billion. The ordinary budget showed a surplus of CHF 1.2 billion, while the extraordinary budget had a deficit of CHF 925 million.

Under the debt brake, ordinary spending is capped at the level of ordinary receipts adjusted for the business cycle; the 2025 accounts met it with a structural surplus of CHF 1.4 billion. These are federal figures only. Cantons, municipalities and social insurance funds keep their own accounts.

Official sources: Federal Finance Administration federal accounts 2025

How big is Switzerland's national debt?

The Swiss federal government's net debt was CHF 140.1 billion at the end of 2025, 16.1% of GDP, according to the Federal Finance Administration federal accounts 2025. That was CHF 1.3 billion (0.9%) less than a year earlier.

Net debt is borrowed capital minus financial assets. It covers the Confederation only; cantons and municipalities have their own debt, which the Federal Finance Administration publishes separately in its public finance statistics. The amortisation account, which tracks extraordinary spending such as that during the pandemic, still showed a shortfall of CHF 26.3 billion at the end of 2025.

Official sources: Federal Finance Administration federal accounts 2025

How much tax does the Swiss federal government collect?

The federal tax ratio was 9.4% of GDP in 2025, and current receipts rose 4.3% to CHF 86.8 billion, according to the Federal Finance Administration federal accounts 2025. The growth came mainly from direct federal tax (up CHF 2.3 billion) and the SNB profit distribution (CHF 1.0 billion), which had not been paid in 2023 and 2024.

The federal tax ratio counts only federal taxes, such as direct federal tax, VAT and withholding tax. In Switzerland much income and wealth tax is levied by cantons and municipalities, so the federal ratio is far below the total tax burden. The accounts note that about CHF 1.5 billion of the rise in direct federal tax was temporary extra revenue from the canton of Geneva.

Official sources: Federal Finance Administration federal accounts 2025

What is Switzerland's debt to GDP ratio?

The IMF puts general government gross debt in Switzerland at 40.1% of GDP in 2025. Its high point since 2005 was 2005, at 54.2% of GDP; its low point was 2022, at 39.2% of GDP. Across Europe & Central Asia the middle value was 46.9% of GDP, and Switzerland placed 30th highest of 51. Worldwide: 130th of 185.

What is Switzerland's budget deficit?

The IMF puts general government net lending or borrowing in Switzerland at 0.2% of GDP in 2025. Since 2005 it has ranged from -2.6% of GDP (2020) to 1.8% of GDP (2008). Europe & Central Asia median: -2.4% of GDP; Switzerland is 13th highest of 51. Of 188 countries with 2025 data, 33rd highest.

What is Switzerland's government revenue?

The IMF puts general government revenue in Switzerland at 32.1% of GDP in 2025. The peak was 33.6% of GDP in 2020 and the low 30.3% of GDP in 2007. It is 40th highest of 50 in Europe & Central Asia, where the median is 41.3% of GDP. Worldwide: 68th of 187.

What is Switzerland's government spending?

According to the IMF, general government spending in Switzerland was 31.8% of GDP in 2025. The peak was 36.2% of GDP in 2020 and the low 29.0% of GDP in 2007. It is 41st highest of 50 in Europe & Central Asia, where the median is 43.3% of GDP. Worldwide: 84th of 186.

What is Switzerland's tax to GDP ratio?

According to the IMF, central government tax revenue in Switzerland was 9.5% of GDP in 2024. Since 2005 it has ranged from 8.7% of GDP (2023) to 9.9% of GDP (2017). Across Europe & Central Asia the middle value was 20.8% of GDP, and Switzerland placed 42nd highest of 42. Of 92 countries with 2024 data, 84th highest.

How much does Switzerland spend on its military?

According to SIPRI, military spending in Switzerland was 0.8% of GDP in 2025. The peak was 0.8% of GDP in 2005 and the low 0.6% of GDP in 2014. Europe & Central Asia median: 2.0% of GDP; Switzerland is 41st highest of 46. Of 149 countries with 2025 data, 125th highest.