The Swiss Federal Department of Finance (FDF) has published forecasts of growing budget deficits over the next four years. Deficits are forecast to rise from CHF2.4bn in 2010 to CHF4.2bn in 2013. This results from a combination of depressed tax revenues arising from the recession and fiscal stimulus measures. There were three economic stimulus packages in the last year totalling some CHF2.5bn.
The FDF expects revenues to fall by around 3% to CHF58.1bn in 2010 and expenditures to rise by 2.5% to CHF60.5bn. A deficit of CHF700m for 2009 was predicted after the ordinary account for 2008 closed with a surplus of CHF7.3bn; extraordinary expenditures, especially due to the rescue of troubled bank UBS, brought the overall account into deficit.
The highest deficit in 2013 would still be less then 1% of GDP. Nevertheless in autumn the government intends to develop an action plan to address the budget imbalance in the light of changing economic circumstances, whilst retaining as a first priority the cushioning of the worst effects of the crisis.
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